PayPal Rival Boku Brings Mobile Payments to Physical Stores

eBay owned online payment outfit PayPal's desire to emerge as a leading force in the mobile payment services market is just about to be challenged by a new rival on the block. According to new reports, Boku's new technology will enable consumers not only to make online purchases, but also purchase goods from any store that uses Mastercard's PayPass NFC payment system.

Boku Inc., a company backed by venture capital firms such as Benchmark Capital and Andreessen Horowitz, has already registered itself as a highly-reputed brand in the online payment market. The new service launched by the company on Thursday has been specifically designed to allow users make payments using any mobile devices in stores where credit cards are accepted.

Bokus's existing services include a billing mechanism, which has been embraced by near about 230 carriers including the likes of Vodafone, AT&T and Verizon in over 60 countries that allows users to purchase goods with their mobile phone numbers and get the transaction amounts charged directly to the their phone bills.

Ron Hirson, President of Boku, said: "We wanted this to be available in any store. You don't need a new phone or a new terminal."

Find the press release here.