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BOKU splashes payments cash

A new mobile payments entity, created by the acquisition of two existing m-payments providers, using venture capital funds, aims to exploit the growing market in using a mobile phone as the payment mechanism for purchases of digital and virtual goods online.

VC-backed Boku’s aim is to create a new standard for the mobile, by bringing bank-grade mobile payments to the Web.

The company has secured $14 million funding led by Benchmark Capital, and has acquired Paymo, based in San Francisco, and Mobillcash business, originally founded in the United Kingdom. The two mobile payments companies have a potential global reach of over 1.6 billion users in 50+ countries on 170 mobile operators, a Boku statement said. 

“We’re very excited about the future of Boku – with Mobillcash’s European success, Paymo’s international reach, and stellar additions to the management team, the company is now very well positioned to lead the mobile payments market,” stated Danny Rimer, Partner at Index Ventures.

“These acquisitions help Boku continue its mission of building a global operator-supported mobile payments service and enables our partners capitalise on the rapid growth of the multi-billion pound online virtual goods and microtransactions markets,” stated James Patmore, Managing Director of EMEA.

Patmore told Mobile Europe that the market for online payments via mobile is being driven by the rapid, global growth of social networks, virtual goods and games, the popularity of mobile applications, and the large number of unbanked customers who have access to mobile phones, but not credit cards or bank accounts.

He said that Boku’s chief advantage over other attempts to create mobile payments services, such as PayPal’s mobile offering, is that the time is now right for such a service.

“The market is ready for online purchases using a mobile phone,” he said. “People are buying social events and engagement, not just content,” he said.

The mobile phone, because it is trusted and secure, can carry out the authentication process easily, adding items to a user’s mobile bill.

“We bring merchants to mobile operators, and access to markets and revenues streams that they don’t currently have,” Patmore said.

He also claimed Boku’s easy user experience gave it an advantage in the mobile payments market.

Источник: Mobile Europe

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