TIDMBOKU
Boku Inc
19 August 2021
REACH
19 August 2021
Boku Inc.
("Boku" or the "Company")
Boku launches M1ST Mobile First Payments Network
Boku Inc (AIM: BOKU), a leading global provider of mobile
payment and identity solutions, is pleased to announce the launch
of the Company's M1ST (aka Mobile First) Payments Network. The M1ST
Payments Network features 330+ mobile payment methods, including
mobile wallets, direct carrier billing, and real-time payments
schemes, reaching 5.7 billion mobile payment accounts in 90
countries - all through a single integration.
1.7 billion consumers have joined the world's middle class in
the past decade, with over 90% of the new middle class in emerging
markets (Source: Brookings Institute, 2020). Many of the world's
new middle class in Asia, Latin America, Africa and the Middle East
are bypassing credit cards, and moving from cash to mobile payments
like GoPay, Paga, PicPay and UPI. According to the World Bank, 45%
of consumers globally use mobile wallets versus just 18% that use
credit cards for payments.
However, mobile payment acceptance for global merchants is
highly complex, especially due to the extreme fragmentation of
mobile payment methods. M1ST solves a number of these challenges so
that merchants can easily accept mobile payments, globally, and at
scale, including:
-- Standardisation - M1ST removes the complexity of disparate
technical, legal and contractual considerations, simplifying 330+
payment methods into a single, scheme-like network.
-- Digitally Native - M1ST enabled payments are built to support
the 0-tap subscriptions and 1-tap checkout transactions that enable
new, online business models.
-- Future-Proofed - By 2025, nearly 60% of consumers globally
are projected to be using mobile wallets; the M1ST Network follows
market demand to maximise merchant acceptance.
-- Global Settlement - M1ST delivers merchants a single, global
settlement, eliminating the complexity of local taxes, foreign
exchange, and cash repatriation.
-- Local Legal Infrastructure - Through payment licences and
local entities, M1ST is capable of accepting regulated payments in
nearly 50 countries.
M1ST is designed to eliminate the difficulty of mobile payment
acceptance so that merchants can accept mobile payments more
quickly, at lower cost, and focus on building world-class user
experiences that drive long-term, valuable relationships with their
customers.
Commenting Jon Prideaux, CEO of Boku, said: "We've seen a
fundamental shift of consumer purchasing power from west to east,
from established to emerging markets, and from credit cards to
mobile payments. Today, we're launching the M1ST Network to enable
global merchants to acquire, monetise, and retain mobile-first
consumers.
"For merchants to capitalise on the massive potential of
mobile-first consumers, they need to accept the payment methods
they have and prefer, which are increasingly behind glass screens,
not rectangular pieces of plastic. We've spent the past decade
delivering new customers to our merchants through mobile payments.
Now that mobile payments have overtaken credit cards globally,
merchant acceptance has moved from a competitive advantage to a
strategic imperative."
Enquiries:
Boku, Inc. +44 (0)20 3934 6630
Jon Prideaux, Chief Executive Officer
Keith Butcher, Chief Financial Officer
IFC Advisory Limited (Financial PR & IR) +44 (0)20 3934
6630
Tim Metcalfe / Graham Herring / Florence Chandler
About Boku
Boku Inc. (AIM: BOKU) is the fintech powering the world's
largest mobile payments network, M1ST (Mobile First). With 45% of
global consumers using mobile payment methods to buy goods online,
compared to 18% using credit cards, the future of commerce is
mobile-first. Boku's technology platform helps the world's most
demanding merchants attract, convert, and retain customers using
mobile payments. By turning payments infrastructure into a source
of sustainable competitive advantage, Boku safely activates a range
of new merchant business models - from bundling to
subscriptions.
Boku's platform is used in 90 countries with more than a billion
verified transactions in 2020, contributing more than $8 billion to
the digital economy. Customers that trust Boku to simplify sign-up,
acquire new paying users and prevent fraud include global leaders
such as Apple, DAZN, Facebook, Google, Microsoft, Netflix, PayPal,
Sony, Spotify and Tencent.
Boku Inc. was incorporated in 2008 and is headquartered in
London, UK, with offices in Brazil, China, Estonia, France,
Germany, India, Indonesia, Japan, Singapore, Spain, Taiwan,
Vietnam, and the US.
To learn more about Boku please visit: https://www.boku.com
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