- Controlled Shariah-compliant credit line for pre-scored Premium Wallet users*.
- Stretch payments by up to 3 months at over 1.8 million DuitNow QR merchants*.
- Top-up wallet with credit line to stretch payments for all in-app transactions*.
KUALA LUMPUR, 17 JANUARY 2023 – Boost, a regional fintech leader, has continued to expand its Shariah-compliant PayLater solution, Boost PayFlexTM, to all in-app transactions, in addition to QR code payments. With this innovative solution, pre-scored Boost app users with Premium Wallet accounts can enjoy wider access to a controlled Shariah-compliant credit line. The credit line provided can be utilised to stretch payments by up to 3-month instalments in-store at over 1.8 million DuitNow QR merchants across Malaysia, as well as to top-up the Boost wallet balance, which enables PayLater options for all in-app transactions, including bill management, online shopping, food delivery, and more.
As a regulated industry player, Boost ensures that its credit facility is offered in a responsible manner, by personalising the credit line to users’ individual affordability assessments[1]. Additionally, being Shariah-compliant based on the concept of Commodity Murabahah[2], the Boost PayFlexTM user journey is designed to clearly and transparently outline all charges upfront[3]. For 3-month instalments, there are RM10 flat wakalah fee per transaction and 2.5% profit rate per month*. For the 30-day option, there’s a one-time wakalah fee of up to RM10 per transaction, with no profit rate. Users will also be informed in advance and frequently reminded of the repayment period, along with the late payment charges of 1% per annum*.
Sheyantha Abeykoon, Group CEO of Boost, said: “We remain steadfast in our commitment to address real market demands and drive greater financial inclusion through our robust fintech ecosystem. Our years of financing experience has empowered us to stay at the forefront of innovation and embrace regulated practices that guarantee responsible financing for all[4]. Having successfully taken up the mantle of serving MSMEs through our AI-based micro-financing business, we are now further
expanding this valuable financing facility to a wider base of consumers, so that everyday Malaysians have greater financial flexibility.
Karthik Bhaskaran, Chief Product & Innovation Officer of Boost, added that: “We hold the trust and confidence of our customers as our utmost priority. Every step in developing Boost PayFlexTM has been meticulously guided by our commitment to empower users to take charge of their spending and manage their finances seamlessly. The controlled credit line of Boost PayFlexTM is offered responsibly, customised to what each user can reasonably afford, which safeguards customers, while also providing them with extensive accessibility to flexible payments nationwide, both online and in-store, on our all-in-one fintech app. Our goal is to further accelerate greater financial inclusion through responsible financing.”
To access the Boost PayFlexTM solution, complete your e-KYC authentication by upgrading to Boost’s Premium Wallet account for free. Once upgraded, eligible users can complete the activation process for Boost PayFlexTM, which includes a detailed contract agreement and payment method pre-authorisation*. Upon successful activation, users can view and utilise the respective line of credit on the Boost PayFlexTM page, where pending expenses and repayment schedules are tracked in real time.
For every ringgit spent using Boost PayFlexTM, users will earn up to 3 Boost Stars, depending on their BoostUP rank. All Boost Stars accumulated can be redeemed for additional savings and rewards through the BoostUP Loyalty Programme, such as ‘Pay With Stars’ direct discounts, Partner Wallet cash vouchers, and more*.
For more info on Boost PayFlexTM, please visit:
https://myboost.app.link/KLv9RIsqdDb
[1] https://www.bnm.gov.my/-/measures-to-promote-responsible-financing-practices
[2] https://www.bnm.gov.my/documents/20124/938039/20131223_S_O_0001.pdf/756c9ea2-9184-67d5-a227-a2fa00bef7c9?t=1592216491941
[3] https://myboost.co/sites/default/files/2023-11/Fees%20%26%20Charges%20FAQ_0.pdf?utm_medium=bernama&utm_source=pr&utm_campaign=prlaunch&utm_medium=bernama&utm_source=pr&utm_campaign=prlaunch
[4] https://www.thestar.com.my/business/business-news/2023/02/13/regulation-of-bnpl-schemes-timely
*terms and conditions apply
