Nigeria based IvoryPay aims to assist businesses, merchants, and creators enhance gains by offering them an alternative route to making and receiving payments. IvoryPay is built on the Solana blockchain, and it aims to help online businesses speed up bankless transactions via cryptocurrency.
IvoryPay will enable businesses in flourishing markets to alleviate the cost of transacting, improve transaction processing and payment confirmation speed, and also receive payments in stable currencies.
The IvoryPay ecosystem incorporates three components which are the Ivorypay payment gateway solution, the NFT storefront, and lastly, the IVRY token.
The payment gateway infrastructure assists online businesses to easily accept payments in stable coins and IVRY tokens, which will be more convenient for customers by using checkout integration, QR codes, buttons and payment links.
The NFT storefront will offer digital makers and businesses a chance to gain more and modify their revenue stream. Manufacturers have the option to easily set up their storefront from already existing templates and start working quickly, with an in-built payment system that will allow them to sell NFTs smoothly.
In spite of efforts by businesses (both small and large) to explore the potential of borderless transactions, they have constantly faced a plethora of challenges. Major among them are exorbitant fees from traditional banks and adverse fluctuations in the value of national currencies and fintechs.
The native cryptocurrency of the project IVRY token, will be utilized 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 created IvoryPay was inspired by Oluwatobi Ajayi and Ope Akinremi, Co-founders of Uptrend Africa, one of the largest crypto marketing agencies in Africa promoting cryptocurrency adoption.
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Oluwatobi, who has operated in the crypto/alternative payment space for the past couple of years, believes 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.”
The project is still in its development phase and it is only a matter of time before Ivorypay releases its powerful payment architecture. This project could be a game-changer for online businesses in large popular markets and global commerce as a whole.
