FinTech: Boku Launches World’s Largest Mobile Payments Network
The M1ST network will connect 5.7 billion accounts with over 330+ mobile payment methods.
Boku Inc (AIM: BOKU) has launched M1ST, a seemingly all-encompassing payments network covering 5.7 billion mobile payment accounts in 90 countries and connecting them with over 330 mobile payment methods. (THE FINTECH TIMES)
Merchants and mobile payments
According to data from the Brookings Institute, a sea change is taking place in the payments world as middle-class consumers move from cash to mobile payment options, bypassing credit cards entirely. Unfortunately, a similar revolution at global merchants is hamstrung due to the fragmentation of mobile payment methods.
Boku’s M1ST network irons out these difficulties by standardizing payment methods, offering a single global settlement, and accepting regulated payments in nearly 50 countries.
“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.”
Moreover, the M1ST network is geared to process the increased demand from consumers – 60% of which are projected to use mobile wallets by 2025 – and thereby benefit merchants.
In the net result, the M1st network will enable merchants to receive mobile payments faster and cheaper.
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