Rakuten Trade, Boost seal rewards ecosystem tie-up
KUALA LUMPUR: Rakuten Trade Sdn Bhd has entered into a partnership with homegrown e-wallet Boost to amp up its rewards ecosystem.
The collaboration will see Rakuten Trade providing its digital retail investors with more immediate gratification through reward points being converted into affiliate rewards that can then be turned into Boost e-wallet coins.
Rakuten Trade, which launched its Rewards EcoSystem in August 2017, issues an average of 4.3 million “RT” points monthly.
Up to Dec 31 last year, revenue generated from its rewards ecosystem stood at RM16.3 million.
Rakuten Trade chief executive officer Kazumasa Mise said continuous evolution was crucial for its business development and growth.
“The current environment has dictated the need for digital transactions to be an integral part of our day-to-day existence.
“That is why Rakuten Trade has strategically joined hands with Boost, given our mutual synergy when it comes to digitalisation, to bring meaningful rewards to our respective clients.”
Boost has been steadily gaining momentum since its launch in 2017, with the close to nine million users to-date making cashless payments for daily essentials at more than 228,000 offline and online merchants nationwide.
Boost chief executive officer Mohd Khairil Abdullah said this collaboration would drive interoperability between digital providers and push the envelope on Boost’s capabilities as an omni-channel platform that was both rewarding and functional, moving beyond just digital payments.
“With our constantly growing merchant network to choose from, Rakuten Trade customers will be spoilt for choice on where to spend their rewards.”
With this new partnership, Rakuten Trade clients can convert their RT points on a one RT point to one Boost coin basis.
Boost coins can be redeemed for everyday essentials such as food and beverages, household items, groceries, bill repayment and even conversion into e-wallet cash.