Boost Cements Commitment to Help Malaysians Overcome the Pandemic with A Trusted and Enabling E-Wallet Ecosystem
Boost Turns 3!
Kuala Lumpur, 20 October 2020 – Homegrown e-wallet Boost commemorated its 3rd anniversary with a commitment to build a robust and trusted e-wallet ecosystem to help businesses and livelihoods in the country overcome and survive the challenges of the COVID-19 pandemic.
Boost aims to do this with three initiatives. The first is focusing on SMEs, especially micro-enterprises by establishing a robust merchant ecosystem to digitally-enable and transform businesses, while also providing financing support in the new normal. The second is ensuring the community is protected and lastly, to continue keeping Malaysians safe to run businesses and daily routines uninterrupted. Both the second and third initiative will be supported by the launch of #BoostGotYou campaign ‘Stay at Home’ edition.
Mohd Khairil Abdullah, CEO of Boost shared that when the COVID-19 pandemic struck, it taught us many lessons and presented opportunities for us to see different sides on how we can contribute and value add to the Malaysian digital payment scene.
“The most important lesson we learnt during this period is that the SME community, especially the micro-enterprises who make up 76.5% of the entire SME community are the ones who fuel both our economic growth and social development. It showed us the importance of having a strong cashless ecosystem that can support local businesses adapt quickly in these challenging times. How well our nation thrives goes in tandem with the resiliency and sustainability of these micro-enterprises. It pushed us to explore and diversify beyond payments into the space of digital financial services and to constantly strive to improve and evolve as an e-wallet provider.
“Hence, as we turn three, we’re emphasizing on building up a robust and trusted e-wallet ecosystem for the SMEs and become an enabler for them to transform digitally with the necessary tool, resources and expertise. At the same time, continue rolling out innovative features for users to seamlessly adapt to the new normal, especially in light of the recent rise in confirmed cases.”
Building a robust merchant ecosystem to digitally-enable the MSME community
Boost is building this enabling ecosystem with three components for MSMEs including startups and entrepreneurs to crisis-proof their businesses. The ecosystem will facilitate easier adoption of digital strategies as a means to cater to the rapidly growing digital- and mobile-first generation of consumers.
The first is cashless payment tools with the e-wallet. The second is micro-financing through sister company Aspirasi, a digital financing provider to ensure that SMEs has cash flow to continue operating or channel capital for business digitization. The third is supporting businesses to move offline to online under the SME Digitalisation Grant by the Malaysian Digital Economy Corporation (MDEC), in partnership with Celcom who is an official Technology Solutions Provider (TSP).
Under the SME Digitalisation Grant, Boost will be providing four simplified digital business solutions across four (4) categories. The first is Boost Business Solutions that equips offline merchants with digital payment tools including:
- Boost Business app to track transaction histories and for data on sales
- Business Payment Link, a contactless payment feature which allows merchants to send a payment URL link via email or messaging apps, and
- be listed on Boost Marketplace which creates online presence and increase awareness of the business.
The second is Customer & Sales Growth Solution to allow businesses to generate repeat customers using cashbacks and online listing. The third is Digital Marketing Solution ‘starter pack’ to help merchants launch their campaign marketing efforts. Lastly, the ability to protect their income from disruption with a micro-insurance. Additionally, eligible merchants will also be offered micro-financing to ease their burden.
Ensuring the community is protected
Insurance has become a necessary investment in times of a public health emergency or crisis like this. Having protection can help alleviate financial burden especially when job and income security are at risk.
In view of the recent rise in confirmed cases and on top of offering micro-insurance to merchants, Boost is also making sure users are protected with a deposit of RM5 into the Great Eastern Partner Wallet, giving users a subsidy to purchase any Great Eastern micro-insurance coverage. Every insurance package comes with COVID-19 Assist, an additional financial assistance program in the event of being infected with COVID-19, which offers RM200 daily hospitalisation cash assistance upon diagnosis up to 60 days and RM20,000 financial assistance upon death due to COVID-19.
Additionally, with the #BoostGotYou campaign, users who spend a minimum of RM30 in a single transaction purchasing insurance policy underwritten by Great Eastern Life Assurance will be eligible to win Samsung’s Galaxy Note20.
Continue keeping everyone safe to run businesses and daily routines uninterrupted
E-wallets have become a reliable, safer, cleaner, and convenient payment in this new normal. As an example, in September 2020, comparing to the same period last year, Boost saw a 288% increase in number of users paying their bills including utility as well as telco prepaid and postpaid bills, in addition to an uptick of 170% in Gross Transaction Value (GTV) for bill payments.
To value add to the increasing use of e-wallets, Boost expanded its stable of billers in the Bill Payments feature to provide a seamless way for users and merchants to continue paying their primary utility and telco bills digitally.
New billers added are Maxis (Postpaid and Home), XOX postpaid, RedOne Prepaid, Hello by Merchant Trade, Majlis Daerah Hulu Selangor, Nur Power and Pengurusan Air Pahang Berhad. With these additions, users now have the option to pay across ten (10) types of telco postpaid, prepaid and internet, water bill in thirteen (13) states, as well as tax assessments and parking compounds for seven (7) local councils. Other popular current billers also include Unifi for internet, Astro for Satellite TV, hire purchase repayments with Courts and recurring loan payments for PTPTN.
Through #BoostGotYou, users who spend RM30 cumulatively on Bill Payments or prepaid top up will stand a chance to win a prize of the month. Prizes for October, a total of 2,000 winners will receive 2,500 Boost Coins each. Whereas prizes for November and December, a total of 250 winners will be chosen weekly to receive RM50 Bill Payment Wallet and another 250 winners will be chosen weekly for RM30 Top Up Wallet.
Boost is also providing users an incentive of more than RM700 in cashback to continue supporting local merchants online through the ‘Boost Marketplace’ and other online partners. Additionally, users can enjoy merchant partner specials such as from Tesco where users can earn Partner Wallet cashback through Boost Missions or through lucky draw from normal spending. Users can also redeem Partner Wallets from as low as 33 Boost Coins from partners such as Giant, Mydin, Decathlon, The Chicken Rice Shop and Bataras (Sabah). Cashback earned and stored in the Partner Wallet of respective merchants will be automatically deducted in the next visit at the same merchant ensuring users do not miss any opportunities to save on their purchases
For users who are still commuting for work, they can conveniently refuel at PETRONAS stations using Setel within the Boost app. New Setel users can enjoy a 10% cashback capped at RM5 for a minimum spend of RM30.
In addition, as part of the Boost Turns 3 celebrations, Boost is giving out bigger and better rewards for all users with exclusive BoostUP offers through exciting Pick & Win prizes and Partner Wallet deals.
For Pick & Win, the biggest prize is a brand-new Proton X50 alongside latest premium gadgets. To win these prizes, users just need to use Boost Coins to put in entries for these prizes. The more entries, the higher the chance to win. Boost Coins can be easily earned by performing regular transactions with the e-wallet.
There is also a special ‘Boost Mission’ giving away 2 million Boost Coins. 100 winners will be chosen to win 5,000 Boost coins bi-weekly just by taking up the mission and spending RM50 cumulatively.