REACH
9 April
2024
Boku
Inc.
("Boku"
or the "Company" or
the "Group")
Full authorisation from the
Reserve Bank of India to operate as a Payment Aggregator in
India
Boku, Inc. (AIM:
BOKU), a leading global provider of mobile payment solutions, is
pleased to announce that its Indian entity, Boku Network Services
IN Pvt. Ltd. ("Boku IN"), has received full
authorisation from the Reserve Bank of India ("RBI") to operate as
a Payment Aggregator. This follows
Boku IN's in-principle authorisation as a PA-PG announced on 31
January 2023.
Merchants and consumers alike are
switching to local payment methods around the world, which are
faster, cheaper and more secure than payment card options. This
authorisation in India will permit Boku to operate as a direct
payment aggregator for the local payment method Unified Payments
Interface ("UPI").
Since its launch in 2016, UPI has
rapidly gained traction to become a ubiquitous form of payment in
India, with over 300 million active users making 13 billion
transactions per month and is a must have for all businesses
operating in the market. Boku has operated in India for more than
ten years, and continued investment ensures that its merchants
benefit from the best user experience for recurring payments and
superior service levels when they accept UPI.
Stuart Neal, Boku's CEO, commented: "This is an exciting time for Boku. To be one of the limited
number of companies to be authorised by the RBI as a Payment
Aggregator is a real privilege and a testament to the hard work put
in by our team in India to meet the RBI's stringent requirements.
Out of all the payment licenses Boku holds following its continued
investment in expansion, this is among the most important. My
sincere congratulations to the Boku India team on this important
milestone."
Arjun Kaul, Boku IN's Designated Director,
commented: "The Boku team in India are delighted to have received
this authorisation. The team worked tirelessly on the application
and to see the final result makes me immensely proud. In my 10+
years at Boku this is a fundamental achievement for the Company.
The next generation of payments are certainly via local payment
methods, and I am most of all excited to see what the future
holds."
Enquiries:
Boku, Inc.
Stuart Neal, Chief Executive
Officer
Keith Butcher, Chief Financial
Officer
+44 (0)20 3934 6630
IFC
Advisory Limited (Financial PR &
IR)
Tim Metcalfe
Florence Chandler
+44 (0)20 3934 6630
About Boku
Boku Inc. (AIM: BOKU) is a leading
global provider of mobile payment solutions. Its mobile-first
payments network provides multiple mobile payment methods,
including mobile wallets, direct carrier billing, and real-time
payments schemes, reaching over 7 billion mobile payment accounts
in 91 countries - all through a single integration.
Customers that trust Boku to
simplify sign-up, acquire new paying users and prevent fraud
include global leaders such as Amazon, Meta, Google, Microsoft,
Netflix, Sony, Spotify and Tencent.
Boku Inc. was incorporated in 2008
and is headquartered in London, UK, with offices in the
United States, India,
Brazil, China, Estonia, France, Germany, Indonesia, Japan,
Singapore, Spain, Taiwan and Vietnam.
To learn more about Boku Inc.,
please visit:
https://www.boku.com