Boku to provide local payment solutions for Canva

(Sharecast News) - Boku announced a partnership with visual design platform Canva on Tuesday, to expand its access to customers in Asia and Europe through the integration of local payment methods. The AIM-traded payments provider said the agreement would see Canva use its global network of localised payment solutions to reach markets where traditional card usage was limited, with the aim of making its subscription-based creative tools more widely available.

It said the rollout had started in Vietnam with the launch of MoMo, the country's leading digital wallet, with further integrations planned for 2025.

"We are delighted to partner with Canva and help broaden access to their visual communications platform by providing more payment choice for people across Asia," said chief executive Stuart Neal.

"Local payments are now the world's preferred way to pay.

"This partnership highlights how the world's best loved platforms can reach more end-users by giving people the freedom to subscribe and pay the way they want, wherever they are."

Boku said research from Juniper Research projected local payment methods would account for 59% of global e-commerce transaction value by 2028, up from 49% in 2023.

The company already worked with major global platforms including Meta, Amazon, Tencent, Spotify, Netflix and Microsoft.

"The launch of MoMo in Vietnam is a key milestone in our partnership with Boku as we continue to expand access to Canva in fast-growing markets where users' access to banking and payment cards may be limited," commented Elle Liu, Canva's country lead for Vietnam.

"By enabling a trusted local payment method, we're making it even easier for more people in Vietnam to unlock their creativity and benefit from Canva's tools."

At 1249 BST, shares in Boku were down 0.15% at 219.66p.

Reporting by Josh White for Sharecast.com.