Boost expands PayLater solution both online, offline through Boost PayFlex
KUALA LUMPUR: Boost has continued to expand its syariahcompliant PayLater solution, Boost PayFlex, 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 syariah-compliant credit line.
The credit line provided can be utilised to stretch payments by up to three-month instalments instore 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.
Additionally, being Shariahcompliant based on the concept of Commodity Murabahah, the Boost PayFlex user journey is designed to clearly and transparently outline all charges upfront. For three-month instalments, there are RM10 flat wakalah fee per transaction and 2.5 per cent 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 cent per annum.
Boost group chief executive officer Sheyantha Abeykoon commented: “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 all1. Having successfully taken up the mantle of serving MSMEs through our AIbased 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.”
Boost chief product & innovation officer Karthik Bhaskaran added that: “We hold the trust and confidence of our customers as our utmost priority.
“Every step in developing Boost PayFlex 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 PayFlex 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 instore, on our all-in-one fintech app. Our goal is to further accelerate greater financial inclusion through responsible financing.”
To access the Boost PayFlex 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 PayFlex, which includes a detailed contract agreement and payment method pre-authorisation.