How they describe themselves: BOKU is a provider of direct mobile payment solutions, allowing consumers in 65 countries to make purchases online using their mobile phone number. The BOKU service works across more than 220 different mobile carriers. The service enables online payments for consumers worldwide, and has a presence in North and South America, Europe and Asia.
BOKU mobile payments provide a mechanism for payments that are highly secured and simple to use. In addition, mobile payments enable unbanked consumers who may have a mobile phone, but no credit card or traditional bank account, to make purchases online.
How they describe their product/innovation: The BOKU service enables merchants and publishers to drive incremental revenue by offering carrier billing as a payment option to their customers. The process for making a payment is simple and convenient – users simply click BOKU to purchase and then 1. Enter their mobile number, 2. Receive a text message to confirm, and 3. Reply with the letter “y.”