Carrier billing business Boku has unveiled a mobile payments network that it claims will reach 5.7bn payment accounts in 90 countries.
The network – named M1ST – will look to simplify the mobile payment acceptance market by bringing together over 330 methods such as direct carrier billing, mobile wallets and real-time payments schemes into a single, scheme-like network.
According to Boku, the M1ST-enabled payments will be built to support the 0-tap subscriptions and 1-tap checkout transactions that enable new, online business models.
The network will also provide merchants with a single, global settlement to eliminate the complexity of local taxes, cash repatriation and foreign exchange. Due to payment licences and local entities, M1ST will also be capable of accepting regulated payments in almost 50 markets.
Boku CEO Jon Prideaux said, “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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