Coaches PH | M1ST the world’s largest mobile payments network launched by Boku | The M1ST (aka Mobile First), the world’s largest mobile payments network, was launched today by Boku Inc. (AIM: BOKU). The M1ST Payments Network offers an unrivaled 330+ mobile payment methods, including mobile wallets, direct carrier billing, and real-time payment schemes, and connects to 5.7 billion mobile payment accounts in 90 countries with a single integration.
Southeast Asia’s middle class is predicted to have over $300 billion in disposable income by 2022. The middle class in the region is predicted to quadruple from 24% in 2020 to 51% in 2030, or from 135 million to 334 million people. According to the World Bank, 45 percent of customers use mobile wallets for payments, compared to only 18 percent who use credit cards. Southeast Asia will become the world’s fastest-growing mobile wallet area, according to Boku’s 2021 Mobile Wallets Report: the number of mobile wallets used by SEA users is expected to expand by approximately 25.5 percent to 439.7 million by the end of 2025.
“According to a Confidence Index survey, 52% of merchants in Southeast Asia enjoyed significant growth in H1 2021, and 70% of these merchants forecast additional growth of more than 10% in Q3 2021. This demonstrates that, despite the difficulties, digital consumers continue to make purchases online. With the launch of M1ST, SEA merchants and digital customers will be able to connect smoothly not just within the region, but also to worldwide markets, using a payment method that is beneficial and convenient to them “Loke Hwee Wong, Boku’s Vice President and General Manager for APAC, said so.
However, due to the enormous diversity of mobile payment methods, accepting mobile payments for worldwide merchants is extremely difficult. M1ST addresses a number of these issues, making it simple for businesses to take mobile payments globally and at scale, including:
– Standardization – M1ST unifies 330+ payment modalities into a unified, scheme-like network, removing the complexities of diverse technological, legal, and contractual constraints.
M1ST enabled payments are designed to support 0-tap subscriptions and 1-tap checkout transactions, which enable new online business models.
– Future-Proof – Nearly 60% of worldwide consumers are expected to use mobile wallets by 2025; the M1ST Network tracks market demand to enhance merchant acceptance.
– Worldwide Settlement – M1ST provides merchants with a single global settlement, removing the complications of local taxes, foreign exchange, and cash repatriation.
– Local Legal Infrastructure – M1ST can accept regulated payments in approximately 50 countries thanks to payment licenses and local bodies.
M1ST is designed to remove the barriers to mobile payment acceptance so that merchants may accept payments more quickly and at a lesser cost, allowing them to focus on creating world-class user experiences that lead to long-term, profitable customer relationships.
“Consumer purchasing power has shifted from the west to the east, from developed to emerging markets, and from credit cards to mobile payments. We’re introducing the M1ST Network today to help merchants all around the world acquire, monetize, and keep mobile-first customers “Boku’s CEO, Jon Prideaux, stated. “Merchants must accept the payment methods that mobile-first customers have and prefer, which are increasingly hidden behind glass screens rather than rectangular bits of plastic, in order to profit on the tremendous potential of mobile-first customers. We’ve spent the last decade using mobile payments to bring new customers to our merchants. Merchant acceptance has gone from a competitive advantage to a strategic need now that mobile payments have surpassed credit cards internationally.”