MUMBAI - Boku Inc. (AIM: BOKU), a prominent mobile payment solutions provider, has secured full authorization from the Reserve Bank of India (RBI) to function as a Payment Aggregator in India through its subsidiary, Boku Network (LON:NETW) Services IN Pvt. Ltd. This development follows the initial in-principle approval granted on January 31, 2023.
The authorization enables Boku to directly aggregate payments via India's Unified Payments Interface (NASDAQ:TILE) (UPI), a rapidly growing local payment method. UPI has witnessed a surge in popularity since its inception in 2016, boasting over 300 million active users and facilitating approximately 13 billion transactions monthly.
Boku's decade-long presence in India positions the company to capitalize on the shift towards local payment methods, which are perceived to be faster, more cost-effective, and secure compared to traditional payment card options. The company's commitment to investment in the region aims to provide merchants with an enhanced user experience for recurring payments and high service levels for UPI transactions.
Stuart Neal, CEO of Boku, expressed his enthusiasm about the authorization, highlighting it as a significant achievement resulting from the Indian team's efforts to comply with the RBI's strict criteria. He regards the RBI's approval as one of the most crucial among Boku's global payment licenses.
Arjun Kaul, Designated Director of Boku IN, also shared his pride in the team's accomplishment, which he considers a pivotal success in his over ten years with the company. Kaul anticipates a future increasingly dominated by local payment methods.
This article is based on a press release statement.
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