Apple chief executive Tim Cook had a target in his sights when he unveiled the tech giant’s credit card last month: payment friction.
It might be an example of ugly corporate jargon, but it has become a hot topic in Silicon Valley. Apple and its rivals want to create a future where the smartphone replaces traditional credit and debit cards. To do this, they are trying to remove the hurdles — or points of friction — that slow down payments.
Boku, a San Francisco business valued at £296m on London’s junior AIM market, has that same target in its sights. Boku allows users to make payments through their handsets, charging them via their mobile phone bills.
The way it tackles payment friction has been one