Boku Inc (LON: BOKU), a leading global provider of mobile payment solutions, has announced that its M1ST (Mobile First) Payment Network has added real-time payment options for PromptPay and K PLUS in Thailand.
PromptPay and K PLUS join Boku’s M1ST Payments Network, which includes over 340 payment methods in 91 countries, reaching more than seven billion payment accounts. Combined, the M1ST Payments Network reaches over 100 million consumer accounts in Thailand alone.
Real-time payments, especially those that are executed from a mobile phone, have experienced significant growth in Thailand and are forecast to reach 47.3 billion transactions valued at US$2.7 trillion per year by 2025.
Real-time payments networks enable Thai bank account holders to make payments from their bank accounts for peer-to-peer (P2P), business-to-consumer (B2C), and business-to-business (B2B) transactions. PromptPay, which boasts of more than 55 million users, supported more than 1.1 billion monthly transactions as of November 2021. K PLUS, Thailand’s most popular mobile banking application, launched by KASIKORNBANK (“KBank”), has more than 17 million users, providing a superior user experience for real-time payments.
Boku’s launch merchant for PromptPay and K PLUS is a major social media company who has selected Boku to provide real time payment acceptance for their digital advertising services.
Jon Prideaux, Chief Executive Officer, Boku, commented: “PromptPay and K PLUS are great additions to the M1ST Payments Network. We have always known customers would not only want mobile payments linked to their SIM card or wallet app, but also their banking app too. Allowing business customers to pay for their digital advertising directly from their banking app is already demonstrating the B2B use cases that exist for real-time mobile payments.”
Supaneewan Chutrakul, Executive Vice President of KASIKORNBANK, said: “We have joined forces with Boku through our online payment solution company KASIKRON GLOBAL PAYMENT and we are pleased to add PromptPay and K PLUS to Boku’s M1ST Payments Network. This will enable our PromptPay QR and K PLUS payments to work for global merchants and allow our 17 million users to use a payment method they have easy access to on their device.”