Mobile payments company BOKU announced its expansion beyond carrier billing today with the launch of M1ST, a mobile payments network.
M1ST, also known as Mobile First, features 330+ mobile payment methods, including mobile wallets, direct carrier billing, and real-time payments schemes. The payment methods reach 5.7 billion mobile payment accounts across 90 countries.
“Today, we’re launching the M1ST Network to enable global merchants to acquire, monetize, and retain mobile-first consumers,” said BOKU CEO Jon Prideaux. “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.”
The new network, which runs via a single integration, is a solution for the currently fragmented mobile payments space. The technology circumvents many hurdles that come with with payments, including the myriad of tax and legal regulations associated with different geographies.
With M1ST, merchants receive a single, global settlement which eliminates the complexity of local taxes, foreign exchange, and cash repatriation. Additionally, BOKU’s payment licenses enable merchants to accept regulated payments in nearly 50 countries.
BOKU’s new launch comes at a good time in the payments space. As consumers continue transitioning to digital banking and transaction methods, many are becoming increasingly comfortable with digital payments via mobile wallets.
Founded in 2008, BOKU offers digital customer acquisition, customer onboarding, and mobile user authentication tools. The San Francisco-based company currently serves more than 600 global merchant partners and processes $9 billion in payments every year.
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