Boku launches M1ST, the world’s largest mobile payments network
- M1ST is the largest mobile payments network in the world, reaching 5.7 billion payment accounts in 90 countries through 330+ mobile payment methods
- Through M1ST, merchants can quickly and securely accept mobile wallets, real-time payments and carrier billing through a single API integration
LONDON, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Inc. (AIM: ) today announced the launch of the (aka Mobile First), the world’s largest mobile payments network. The M1ST Payments Network features an unrivalled 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 (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 vs. 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:
- Standardization - 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 ; the M1ST Network follows market demand to maximize 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 licenses 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.
“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, monetize, and retain mobile-first consumers,” said Jon Prideaux, CEO of Boku. “For merchants to capitalize 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.”
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.
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