The banking system, a joint venture with Mastercard, is linked to the customer's network account enabling them to carry out transactions by holding their handset in close proximity of a reader.
Users without NFC-supported devices will be provided with a sticker to attach to their phones, and a Mastercard will be handed to users who do not have a bank account. Customers must set up a Boku account to access the service, and top it up with credit.
Text message alerts will be sent out when funds are running low, or suspicious activity is detected. Boku accounts are likely to be branded by operators, rather than fall under the platform holder's own banner, The Daily Telegraph reports.
"We are leveraging the power of the device in your pocket to improve every transaction you make, anywhere in the world, and helping our mobile network operator partners expand into the off-line world," said Boku chief executive Mark Britto.
Earlier this month, Barclays launched PingIt, an application it claims is Europe's first person-to-person service for sending and receiving money using a mobile phone.
Boku's NFC service will be both mobile and web-based, and is scheduled to launch around Easter.
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