Boku, Inc., a leading global provider of mobile payment solutions, has announced that its Indian entity, Boku Network Services IN Pvt. Ltd., has received full authorization from the Reserve Bank of India to operate as a Payment Aggregator. This authorization allows Boku to operate as a direct payment aggregator for the local payment method Unified Payments Interface (UPI) in India, a market with over 300 million active users making 13 billion transactions per month.
Stuart Neal, Boku's CEO, expressed excitement about the authorization, highlighting it as a testament to the hard work put in by the team in India. Arjun Kaul, Boku IN's Designated Director, also expressed delight, emphasizing the significance of this achievement for the company. The authorization is seen as a crucial milestone for Boku, given the increasing importance of local payment methods in the next generation of payments.
Boku's mobile-first payments network provides multiple mobile payment methods, including mobile wallets, direct carrier billing, and real-time payment schemes, reaching over 7 billion mobile payment accounts in 91 countries. The company's clientele includes 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 various countries worldwide.
This authorization in India marks a significant step for Boku, allowing the company to further expand its presence and provide superior service levels for recurring payments through UPI. With the increasing shift towards local payment methods globally, Boku's authorization in India positions the company to capitalize on the growing demand for faster, cheaper, and more secure payment options.