Boku - Best Payment Method
Boku helps individual customers buy virtual and digital goods through their mobile phones. Payments are made via mobile phone bills. Boku makes it possible for aspiring customers to buy goods and services without credit or debit cards, and helps merchants acquire their customers more easily. Boku also delivers much more than just voice and data to its customers, the further added value being trial and purchase of virtual goods and services. Thus, the ecosystem of Boku comprises 4 elements - customers, mobile phone companies, merchants and Boku itself.
Founded in 2009 by Mark Britto, Erich Ringewald and Ron Hirson, Boku runs its business in 51 countries. It has a potential client base of more than 3 billion, and works with 173 mobile phone carriers. Boku recognises that mobile phone usage and penetration can help merchants grow sales and acquire more customers. Boku acquires customers by advertising the products and services of its merchant partners across the various communication platforms of its mobile phone carriers.
How it Works?
It should be noted that Boku is a mobile-based payments company only. Deposits and withdrawals happen in several ways. For example, a casino player with a payment service provider like Neteller or PayPal should: go to MONEY in their Neteller/PayPal account, check BOKU and then click DEPOSIT; fill in the amount to be paid and their mobile number, noting that the amount to be paid will be rounded up or down to the nearest 10. Clicking CONFIRM results in redirection to the Boku website and the issue of an SMS to their phone.
If the player wants to go ahead with this payment, they should reply Y (yes) and then type the resulting code into the Boku website (it should be noted that the player will be given 24 hours to confirm their payment). After that confirmation, the player will receive a pop-up window confirming the payment. To withdraw casino earnings, the player will have to use their credit or debit card or use other options like Skrill and Neteller. Some casinos even pay the player's winnings by cheque.
Benefits with this Method
- Mobile-phone based
- Payment authentication
Disadvantages with this Method
- High carrier fees
- Withdrawing funds is not easy
Review and Summary
Boku, as a payment solution provider, has a simple design. Users watch promos of Boku's merchant partners, like them and become customers. Since Boku delivers value for money to its merchant and telecom partners, it has a global presence. Customers can use this method to buy eBooks, music videos etc. Customers don't have to make an extra effort to pay via their plastic cards. However, they can end up paying more than expected because of an unexpected spike in service fees, taxes etc.
One of the great features of Boku is that customers can also buy those services that are not available in their countries. Boku recognises that sometimes customers might change their minds later on with regard to buying. To help them make an informed decision, Boku offers its customers a 24-hour window period. This company also puts a cap on the daily transactions of its customers. To sum up, Boku is a great payments company that recognises the power of the mobile phone.