Thanks to the advent of technology, practically anyone who has a mobile phone can now buy goods and services online without the need to enroll for a credit card and/or rely on other traditional forms of payment. What used to be a privilege enjoyed by the few has now been made more accessible due in part to mobile payment platforms like Boku.
Boku is an online payment service that allows unbanked consumers to make purchases on any digital platform by charging the cost to their mobile phone bill either through Direct Carrier Billing (DCB) or Mobile Wallets.
At present, Boku boasts of 13.5 million active users and partnerships with over 200 global merchants including industry leaders like Apple, Microsoft, Sony, and Spotify.
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Boku’s services may be generally categorized into two. First is payment solutions which, as stated earlier, enables anyone with a mobile phone to purchase digitally and the second is identity solutions which is a security service tied to their mobile payment that deters the proliferation of synthetic identities by verifying authentic Boku users among others. The two services are further explained below:
Boku offers two types of payment solutions namely DCB and Mobile Wallet. Both work similarly in that one, the billings are connected to a mobile number and two, both remove the need for credit cards, consequently allowing more people to purchase goods and services online. The only glaring difference is that Mobile Wallets need to be recharged (pre-paid) using various funding sources, including cash, while DCB is post-paid.
Boku’s two payment solutions seamlessly deliver mobile payment acceptance across carrier billing and mobile wallets to ensure consumers are presented with the most suitable selection of payment options for their specific market.
Services like Boku necessitates the exchange of personal data in order for transactions to proceed. This brings trust as an integral component in the company’s service as customer acquisition and retention would naturally plummet in the event of a security breach.
Boku has altogether avoided this problem and forged a reputation as the leading end-to-end identity verification solution by ensuring that identity verifications are only performed with consumer consent. Moreover, through its employment of the privacy-by-design principles, the Boku Platform has created a Verified-ID (VID) Token and return only a Confidence Score, which protects individual privacy and effectively solves fraud and risk use cases.
1. Convenience. Payment platforms like Boku offer convenience like no other thanks to their reliance on an item that almost everybody has and uses on a daily basis- mobile phone. In fact, a particular study says that there are five times more mobile phones than there are credit cards (a form of traditional payment). Hence, it comes as no surprise that mobile payment is hailed as the most accessible digital payment method worldwide.
Boku in particular excels in this arena as it offers payment in two types: DCB and Mobile Wallet. It also has a global coverage and a multi-language customer support and multi-currency settlement so users of different nationalities can tap its services with ease. Moreover, it also offers flexibility in its payment service by making both temporary and permanent payment available via DCB.
2. Security.Boku uses intelligence from Boku Payments and Boku identity to identify and validate the authenticity of user information. This prevents identity theft- an issue that prevails in services that require users to divulge personal information. Moreover, the company is compliant with TCPA, HIPPA, SCA/PSD2, and other federal & local regulations.
3. Partners.Boku is partners with some of the most successful and widely used products and services including top online casinos list of sites! This translates to more freedom in purchasing digital goods from the most trusted brands and/or services.
4. Confidence.Boku is one of the leaders in mobile payment. The success is largely attributed to the stellar service that Boku has built and provided for both customers and merchants.
The business which was founded in 2009 by Mark Britto, Erich Ringewald and Ron Hirson never ceased to grow and improve as time went by. As a matter of fact, the company was recently awarded International Star at the 2018 European Small and Mid-cap Awards. The winner was selected on the basis of being a newly listed mid-cap company that boasts impressive results in terms of international sales, profit and market share growth.
It was also in that same year that Boku was given several more awards like “Best Newcomer” at AIM Awards, and “Best Aggregator” at the 2018 Global Carrier Billing Summit.
Such recognitions uplift the confidence in the company and translates to a world-class service that can rival any completion in today’s market.
With a glowing reputation, there is no denying that Boku is a premier choice in mobile payment, and all one needs to get started is a mobile phone with the Premium and Carrier Billing services enabled. Once activated, users may start purchasing any item online and choose “mobile payment” when checking-out. The website will ask for the users’ phone number so it may send an SMS as confirmation of the purchase. Users only need to reply “Y” free of charge to authenticate their order. Bills will be reflected in the phone bill or automatically deducted if they have existing balance in their mobile wallets.