Boku To Focus On Mobile Payments, To Sell ID Verification Business

Boku, a cryptocurrency wallet and digital ID platform for mobile devices that also operates as an e-commerce outlet and merchant service provider, is reportedly willing to sell its verification business in order to continue focusing on the company’s core competencies.

Boku is a mobile-focused cryptocurrency that has created the “boku mobile identity” to sell their ID verification business. Boku wants to create a new economy that allows people to monetize their personal data.

Boku Identity, a company that specializes in ID verification and authentication, has announced that it would be sold to Twilio, a cloud communications platform.

Jon Prideaux, the firm’s CEO, claimed that the company intends to focus on its mobile payments business.

Boku intends to concentrate on its mobile payment network.

Boku just launched Mobile First, a mobile payments network (MIST). It is meant to make accepting mobile payments considerably simpler by using a single API connection.

“This is a significant milestone for our company,” Prideaux adds, “enabling us to concentrate on building our mobile payment solutions.”

People will be able to utilize mobile wallets like WeChat Pay and Apple Pay thanks to the new mobile payment network, which will standardize the payment procedure. The business claims that the user-friendly platform would boost support for mobile payments. Retailers will be able to accept digital wallet transactions more simply as a result of this.

The major goal is to allow users to pay for internet services using their cellphone number rather than inputting their credit card information. According to Boku, the platform would boost security by preventing card data from falling into the wrong hands. This is in addition to the platform’s ability to facilitate transactions.

The COVID-19 epidemic, according to Prideaux, gave an opportunity for more individuals to do their commercial operations solely online, including online payments. As a consequence, the number of people who choose to pay for products and services using their phones has risen dramatically. He

Boku increased its income year over year to $69 million in 2021, a 22 percent increase over the previous year.

Customers may expect more security from Twilio.

Meanwhile, Twilo claims that acquiring Boku’s ID verification business is vital since the firm hopes to add a phone verification service to its portfolio.

The service was first provided to three French telcos, demonstrating that the identification sector is one of the financial industry’s fastest-growing companies. Before the recent agreement to purchase LumenVox’s ID verification firm, Twilio had already incorporated LumenVox’s speech recognition technology into its cloud communication platform. Twilo clients will benefit from new security options, according to the business, which will be built on the mobile identity network.

Boku is a mobile payments company that focuses on mobile phone verification. The company has decided to sell its ID verification business and focus solely on mobile payments. Reference: boku pay by mobile.