Boku authorised as Payment Aggregator in India

9th Apr 2024 11:38

(Sharecast News) - Mobile payment technology specialist Boku announced on Tuesday that the Reserve Bank of India (RBI) had granted full authorisation to its Indian entity, Boku IN, to operate as a 'Payment Aggregator'.

The AIM-traded firm said the approval followed the in-principle authorisation as a PA-PG, announced on 31 January 2023.

It said the authorisation would enable Boku to serve as a direct payment aggregator for the Unified Payments Interface (UPI), a local payment method in India.

The company said UPI hd rapidly emerged as a preferred choice for merchants and consumers globally due to its speed, cost-effectiveness, and enhanced security compared to traditional payment card options.

Since its inception in 2016, UPI had seen rapid adoption in India, boasting more than 300 million active users conducting 13 billion transactions monthly.

It had become an indispensable payment method for businesses operating in the Indian market.

Boku said its extensive experience in India, spanning more than a decade, positioned it uniquely to capitalise on the growing popularity of UPI.

The company said its continued investment would ensure that merchants leveraging Boku's services benefitted from seamless recurring payment experiences and elevated service standards when accepting UPI payments.

"This is an exciting time for Boku - to be one of the limited number of companies to be authorised by the RBI as a Payment Aggregator is a real privilege and a testament to the hard work put in by our team in India to meet the RBI's stringent requirements," said chief executive officer Stuart Neal.

"Out of all the payment licences Boku holds following its continued investment in expansion, this is among the most important.

"My sincere congratulations to the Boku India team on this important milestone."

At 1148 BST, shares in Boku were up 2.37% at 179.66p.

Reporting by Josh White for Sharecast.com.