Fuse and ChromePay join forces to bring Web3 payment to Africa
Web3 payments revolution startup Fuse is joining other blockchain protocols competing for position in the race to build and mold Africa’s emerging Web3 economy.
Today, the company has announced a key partnership with ChromePay to launch a decentralized identity service that will enable millions of African users to participate in the Web3 economy.
Chromepay launched its pay solution app back in 2021, beginning with Nigeria to allow merchants and other users receive and make payments at once by simply scanning a QR Code.
Their cloud-based financial platform, which is available for iOS and Android devices, is loaded with a bunch of features. That includes a marketplace that allows merchants to advertise their products, the QR code scanner that allows them to receive payments, as well as a bulk payment feature that enables users to make many payments at once.
ChromePay kicked off by launching a successful pilot in Nigeria, and now is planning the first launch of D.ID on Fuse in Ethiopia.
The blockchain technologies offer possibilities to many young Africans, who had been previously excluded from genuine income-generating opportunities on the internet. Led by especially high adoption rates in certain regions, Africa had the third-fastest growing cryptocurrency economy worldwide. Over the last two years, the continent saw an astounding 1,200% increase in crypto payments, industry studies claim.
Powered by Fuse, a top 10 blockchain in terms of the number of daily active wallets connecting to its dApps, ChromePay will offer an array of Web3 payment services built on the foundations of a decentralized identity solution.
Fuse has also awarded ChromePay a grant to build out its DeFi and D.ID services on the blockchain. To date, ChromePay has received backing from the Israeli Ministry of Economy, Google SDG, and other organizations.
Mark Smargon, CEO of Fuse, said comments: “ChromePay aligns perfectly with our mission of giving businesses and consumers the freedom to do payments the way they want to. DIDs are an important first step in our relationship. With Fuse’s continued support, ChromePay will lower entry barriers to financial services across Africa, creating thriving, next-generation economies.”
“Blockchain has much-untapped potential for positively impacting underserved markets. We chose to partner with Fuse because their Blockchain is affordable, consumer-friendly, and we share a common goal to promote financial inclusion,” said Gabriel Saunyama, CEO of ChromePay. “By combining our Digital Identity solution with Fuse’s Charge API we are confident that we will be able to promote the development of the digital economy and create value for the undervalued.”
Fuse provides a blockchain as a service platform that enables businesses and developers to incorporate payments powered by Ethereum Virtual Machine (EVM)-compatible Fuse Network blockchain into their products, even without prior blockchain development experience.
The company says its alliance with ChromePay aims to enhance blockchain-powered payments in Africa, which have the potential to address major flaws in the existing payment system. This includes high transaction fees, excess intermediation, geographic fragmentation, frequent lack of interoperability between platforms, chargebacks, hidden interest, and more.