eWallet Payments in South Korea
RNS Reach
14 September 2020
Boku Inc.
("Boku" or the "Company")
Boku adds eWallet Payments in South Korea for Global Video Games Partner
Boku Inc (AIM: BOKU), a leading global mobile payment and mobile identity company, is pleased to announce the launch of payments via KakaoPay in the Republic of Korea ("South Korea") for one of its global video games partners. KakaoPay will augment the direct carrier billing payment options already provided by Boku across all three major mobile operators in South Korea.
Consumers can now make digital purchases through the video game store using their KakaoPay mobile wallet via the Boku platform. Boku's support for tokenized payments enable customers to have their 'mobile payment on file' for subscription or repeat purchases without having to reauthorize payment details.
Mobile payments ensure convenience and accessibility for almost all Koreans, due to ubiquitous mobile phone adoption and rapidly accelerating mobile eWallet usage. Of the roughly 70 million mobile subscriptions in South Korea, over 25 million of them are monthly active users of KakaoPay.
Mobile payments are already popular in South Korea and are forecast to continue to grow at a 12.8% CAGR, reaching $189 billion by 2025. In 2019, eCommerce payments in South Korea via direct carrier billing reached $3.5 billion annually while eWallets passed $12 billion annually*.
Jon Prideaux, CEO of Boku, commented , "eWallets are the new payments phenomenon: developed for mobile, popular with consumers and merchants, growing fast and accounting for more than 60% of payments in Asia. This partnership shows how Boku has become a genuine local payment provider, expanding our offering beyond carrier billing also to support eWallets. We are excited to give our merchants more ways to grow their business."
*Worldpay Global Payment Report 2020
Enquiries:
Boku, Inc. +44 (0)20 3934 6630
Jon Prideaux, Chief Executive Officer
Keith Butcher, Chief Financial Officer
IFC Advisory Limited (Financial PR & IR) +44 (0)20 3934 6630
Tim Metcalfe / Graham Herring / Florence Chandler
About Boku
Boku Inc. (AIM: BOKU) is a leading global provider of mobile payment and mobile identity solutions. Boku's technology platform, which is linked to more than 200 mobile wallets and network operators worldwide, verifies user identity, executes payments, and provisions new services, simplifying daily mobile interactions between consumers and digital organizations.
Boku's technology platform is used in over 59 countries with over 815 million verified transactions in 2019, contributing $5 billion to the digital economy. Businesses that currently employ Boku's platform to simplify sign-up, acquire new paying users and prevent fraud include global leaders such as Apple, Discover, Experian, Facebook, FIS, Fiserv, Google, Microsoft, Netflix, Paypal, Sony, and Western Union.
Boku Inc. was incorporated in 2008 and is headquartered in London, UK, with offices in various locations globally including in the US, Mumbai, Munich, Beijing, Paris, Sao Paulo, Singapore, Taipei, and Tokyo.
To learn more about Boku Inc., please visit: https://www.boku.com
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