LONDON, UK: Boku Inc, a leading global provider of mobile payment and identity solutions, announced 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.”
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18 Aug, 4:46 pm GMT+1 ·Disclaimer