KUALA LUMPUR – Homegrown e-wallet Boost commemorated its third anniversary on 20 October 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.
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.
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).
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.
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.
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.
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