[Nigeria] Boom targets online merchants with new online payment gateway

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

Nearly 2 billion adults are excluded from global markets today due to a lack of 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 the mission of financial inclusion for unbanked regions.

Boom recently launched its superapp, which provides an inclusive e-commerce platform that does not require users to have a bank account to start buying and selling online. This is possible because KYC-verified Boom users can fund their wallets with cash by locating nearby authorised Boomcoin (“BMC”) resellers directly through the Boom Wallet, allowing them to on-ramp into crypto without banking. 

Boom Pay takes this further by enabling all e-commerce platforms to accept user payments by integrating the Boom Pay SDK. As countries like Nigeria increasingly lean towards adopting cryptocurrencies and digital payments to ease the issues faced with cash or struggling local currencies, Boom Pay not only empowers these consumers but also enables merchants to broaden their customer base significantly.

Naomi Bourgarel, Chief Product Officer, Boom: “Prior to Boom Pay, 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”

Boom Pay solves two major problems at once. Underserved populations that couldn’t access online markets to enjoy a better quality of life, and online merchants that couldn’t tap into rapidly developing emerging markets. Boom Pay provides a seamless digital connection between these consumers that drive demand and merchants that 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.

Despite advancements in mobile money, a significant portion of the world’s population remains excluded from formal financial institutions, with many relying on cash. The cash crisis in Nigeria in February of 2023 was another clear indicator that the cash economy was becoming unsustainable. The lack of reliable banking infrastructure further exacerbates these issues, stunting the potential for online purchases and economic growth. Boom Pay addresses these challenges head-on, providing an innovative payment solution that bypasses traditional banking hurdles.

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