Trade, commerce, and the entire system of value exchange are no longer confined to the geographical boundaries of one country. These days, businesses strive to reach a global audience, leveraging the power of technology to achieve results.
However, despite the efforts of businesses (both small and large scale) to tap into the potential of borderless transactions, they have continually faced a series of challenges; prominent among them are the exorbitant charges of traditional banks and fintech and the unfavorable fluctuation in the value of national currencies.
This is especially true for businesses in emerging markets across Africa, Asia, South America, and the rest of the world. This is without considering the periodic shifts and changes to governmental regulations in these countries.
As a way out, IvoryPay aims to help businesses, merchants, and creators maximize gains by providing them with an alternative route to making and receiving payments. Built on the Solana blockchain, IvoryPay aims to help online businesses facilitate bankless transactions through cryptocurrency.
With IvoryPay, businesses in emerging markets will be able to reduce the cost of transacting, increase transaction processing and payment confirmation speed, and accept payments in stable currencies.
The IvoryPay ecosystem comprises three components which include the Ivorypay payment gateway solution, the NFT Storefront, and the IVRY token.
The payment gateway infrastructure helps online businesses easily accept payment in stablecoins and the IVRY token, offering customers the option to make payments using the most convenient means. Businesses on IvoryPay can accept payments using QR codes, checkout integrations, payment links, and buttons.
The NFT Storefront will provide digital creators and businesses the opportunity to monetize better and diversify their revenue stream. Creators can choose from pre-existing templates to easily set up their storefront and be operational in no time, with an integrated payment system that allows them to sell the NFTs seamlessly.
The IVRY token, which is the native cryptocurrency of the project, will be used as a means of exchange between customers and merchants, and it will also be used for staking purposes.
The idea to create an alternative means of payment facilitation that birthed IvoryPay was conceived by Oluwatobi Ajayi and Ope Akinremi, who are also Co-founders of Uptrend Africa, one of the biggest crypto marketing agencies in Africa championing grassroots cryptocurrency adoption.
Oluwatobi, who has worked in the crypto/alternative payment space over the past couple of years, is of the belief that “global businesses have reached a point where the trade barriers should be non-existent, and payment solutions should present businesses with multiple options with the end goal of simplifying payment processes and enhancing user experience without the need to break a sweat or empty your pocket in the process.”
Ope further added that “consumers are the backbone of the global economy, and it is the foremost responsibility of all forward-thinking businesses to be in tune with the demands of their consumers.
Thinking forward, in this case, would imply offering users the means to make payment in the manner they find most convenient and trendy”.
With the project in its development phase, it is only a matter of time before Ivorypay launches its robust payment architecture. The project could be a game-changer for online businesses in emerging markets and global commerce as a whole.
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