Fuse, the Web3 payments platform, has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa, a move designed to boost financial inclusion on the continent.
It has been reported that the partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution.
However, as part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its decentralized finance (DeFi) and DID services directly on the blockchain. By integrating with the Fuse blockchain, ChromePay will reportedly enable users to access both traditional and blockchain-based payments directly from their mobile devices.
The report said that ChromePay, founded in 2019, launched its payment solutions app in Nigeria in 2021 following a successful pilot. The company’s next milestone is the launch of its Fuse-powered DID in Ethiopia, a country that has made notable strides in its crypto adoption.
Decentralized identity is an emerging concept within Web3 that enables trusted data exchange. In practice, DIDs allow users to manage and administer their digital identity without reliance on a centralized third party.
Thus, Africa has become a hotbed for crypto and blockchain activity, with significant populations in Kenya, Nigeria, and South Africa turning to digital assets for access to financial services. This trend was identified by the United Nations in a June 2022 policy brief, which described the “unprecedented pace” of crypto adoption during the pandemic.
Source: Cointelegraph