Boku announced a new strategic partnership with Canva. Canva hopes to leverage the Boku payment network to expand in Asia and across Europe. Therefore for potential Canva users, it will give them access to local payment options, rather than traditional card-linked payments. It will also limit the development that Canva requires to set up appropriate payment gateways in both these regions.
Launched in 2013, Canva is an online design and publishing tool with a mission to empower everyone in the world to design anything and publish anywhere. The company has over 220 million active users working in around 190 countries in 100 different languages. Enterprise customers include Bloomingdale’s, Danone, Salesforce, Sony Music and Zoom.
Its subscription-based tools enable users to design virtually anything on any device. Canva will not be able to leverage the global network of Localised Payment Methods (LPMs) and regional payments expertise. It will enable Canva to appeal to and serve customers from more countries as they look to engage. It is critical for any SaaS vendor, but especially one such as Canva that also operates in the B2C market, that local payment solutions are available to customers.
Asia market penetration aided by Boku
Credit card usage varies across Asia. Nations such as Hong Kong (~80%), Singapore (71.63%), Japan (69.66%), and South Korea (68.44%) lead the way. However, this deal is focused on those countries where credit cards are less pervasive. These likely include Thailand (22.61%), Vietnam (14.3%) and Indonesia (~5%).
Canva worked to deploy Boku for its Vietnamese sites in a trial that allowed it to access LPM MoMo, the leading digital wallet in Vietnam. Elle Liu, country lead for Vietnam, said, “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.
“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. Boku’s deep expertise in mobile payments ensures we can meet users where they are, with seamless, accessible options. We’re excited to see how this empowers more creators, entrepreneurs, and businesses across Vietnam to design with Canva.”
There are further integrations planned between Boku and Canva, which will enhance end-user accessibility and streamline customer experiences.
Stuart Neal, CEO of Boku, said, “We are delighted to partner with Canva and help broaden access to their visual communications platform by providing more payment choices for people across Asia. 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.”
Enterprise Times: What does this mean
Local payment methods are key for some organisations to scale quickly in new countries. Juniper Research estimated that LPMs will represent 59% of ecommerce transactions by value in 2028, from 49% in 2023. Research author Lorien Carter commented, “To capitalise on this revenue growth, eCommerce merchants must optimise their platforms to support local payment methods, maximising accessibility for a growing user base.”
Canva chose Boku to deliver LPMs across several countries. The selection is presumably due to its growing network of LPMs worldwide and its experience in delivering payment solutions to major ecommerce giants, including Meta, Amazon, Tencent, Spotify, Netflix, and Microsoft.
Boku also continues to add new partners in Asia, Europe and beyond. It recently deepened its commitment to LATAM and earlier this year connected Blik, a Polish LPM, to Google. In Thailand, it extended its M1ST payments network with partnerships.
This is a relationship that is set to grow. The challenge for Boku may be keeping ahead of the payment requirements for Canva.
