Boku MY to operate as a Non-Bank Merchant Acquirer

Tuesday 26 September 2023 14:17 CET | News

Provider of mobile payment solutions Boku has received authorisation for its Malaysian entity to operate as a Non-Bank Merchant Acquirer.

The authorisation has been granted by the Bank Negara Malaysia (BNM), the approval following continued investment by the Group in the Malaysian market over the years. Malaysian merchants can now access the wider Boku payments network covering over 200 payment methods around the world, supporting access to innovative financial services, and enhancing business expansion routes. 

Provider of mobile payment solutions Boku has received authorisation for its Malaysian entity to operate as a Non-Bank Merchant Acquirer.

Boku Malaysia authorisation benefits

Currently, Malaysia is at the forefront of new-generation payment methods, with a high degree of mobile wallet penetration and use. Southeast Asia schemes are led by DuitNow, as well as Financial Process Exchange (FPX), the Malaysian account-to-account payment scheme. Boku MY’s authorisation will also further promote consumer payment choice in the regions in regard to purchases from both domestic and international merchants that partner with the company.

According to Boku’s officials, Malaysia’s vibrant fintech ecosystem, supportive regulatory environment, and high mobile and internet penetration may help the company’s global plans to transform the payment landscape. 

Digital payments in Malaysia

The COVID-19 pandemic positively influenced the adoption of cashless payment methods across Malaysia, with the restrictions compelling consumers to move toward a more digital lifestyle. According to Statista, the gross transaction value of digital payments increased by more than USD 20 million in 2022, and it is forecasted to reach approximately USD 200 billion by 2025.

Moreover, mobile wallets GrabPay and Touch ‘n Go are both projected to see their user number almost double in size between 2020 and 2025, with the two main wallets expanding their ecosystems in 2021 by forming partnerships with other companies. GrabPay, the in-app wallet of the Southeast Asian app Grab, implemented Malaysia’s QR code standard DuitNow in June 2021. Also, Touch ‘n Go wallet partnered with insurance firm AIA to offer insurance solutions within its digital environment. 

More information about Boku

Boku is an independent direct carrier billing company, that provides technology that enables mobile phone users to purchase goods and services and charge them to their phone bill or pre-paid balance. The company connects its customers with Mobile Network Operators’ (MNOs) billing, identity, and sales systems allowing them to acquire, activate, and monetise their user base. Boku enables its customers to utilise their mobile number as a payment method, offering an alternative to credit, and debit cards.

In addition to offering payment methods, Boku Authenticate protects users against account takeovers that target phone numbers by streamlining methods for verifying mobile number possession. The solution directly verifies the number possessed on the device by using its built-in connectivity to the mobile operators’ wireless network.

Back in February 2023, Boku India received an in-principle authorisation, enabling more payment choices for customers and merchants in the region. The approval follows continued investment by the Group in India, the company operating in the market since 2012. 

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: mobile payments, online payments, e-wallet, financial services, merchant, COVID-19
Categories: Payments & Commerce
Companies: Boku
Countries: Malaysia
This article is part of category

Payments & Commerce


Discover all the Company news on Boku and other articles related to Boku in The Paypers News, Reports, and insights on the payments and fintech industry: