Boom launches Blockchain-based payments platform in Africa

By Gloria Methri

Boom, a blockchain-based ecosystem for digital payments and an e-commerce platform for the unbanked has launched Boom Pay. The payment gateway enables online merchants to accept digital payments from KYC-verified consumers across Africa.

Nearly 2 billion adults reportedly lack access to conventional banking systems, preventing them from purchasing goods online. Boom Pay enables these customers to transact online with any merchant that integrates the Boom Pay SDK, furthering its mission of financial inclusion for unbanked regions.

As countries like Nigeria increasingly lean towards adopting cryptocurrencies and digital payments to ease the issues with cash or struggling local currencies, Boom Pay empowers these consumers and also enables merchants to broaden their customer base.

Naomi Bourgarel, Chief Product Officer at Boom, emphasised the importance of catering products to underserved regions, stating, “Earie online merchants could not collect payments from the unbanked 1 billion women and 700 million men that spend $5 trillion annually. Boom Pay is more than just a payment solution; it is a step towards achieving socio-economic inclusivity for all. We have made it extremely simple for everyone to adopt it, and now, we call upon the world to join us on our mission”.

The payment gateway solves two major problems at once – underserved populations that couldn’t access online markets, and online merchants who couldn’t tap into emerging markets.

The solution provides a seamless digital connection between these consumers who drive demand and merchants who fulfil the supply of these demands. By leveraging blockchain technology, Boom Pay is compatible with all e-commerce platforms, offering advantages such as immediate revenue growth, instant payment settlements, reduced transaction fees, and enhanced security. Its integration is quick, simple and efficient, facilitating rapid deployment with minimal coding requirements.