BOOST EXPECTS GTV TO GROW 30 TIMES
Weekly gross transaction value rose 50 times as at end-Jan, says Axiata Digital CEO
BOOST, the electronic wallet application (ewallet) developed by Axiata Digital Services Sdn Bhd, is targeting 30 times growth in gross transaction value (GTV) this year.
Axiata Digital chief executive
officer Mohd Khairil Abdullah said the e-wallet weekly GTV as at end-January this year had grown 50 times compared with the same period a year ago.
Khairil did not disclose details on the GTV numbers due to competition.
“We are excited about the prospects. As much as we have grown last year, by early March this year we crossed our last year’s number in terms of GTV.
“We are now, to a certain extent, at a tipping point where Malaysian consumers in general are starting to accept e-wallet as an alternative form of payment.
“I think competition is great as it educates the public about the use of e-wallet. I quite encourage sensible competition in the market as it helps grow the ecosystem,” he said, here, on Thursday.
Boost also targets to close the year with a total of five million users.
Last year, Boost grew its user base by nearly six times and today it has 3.9 million registered users.
Khairil said the market may move to consolidate to between three and five main players in the next two to three years.
There are now more than 40 emoney licencees in Malaysia.
“At the same time, we expect there would still be other niche ewallets that focus on specific segments.
“Many e-wallet players may not have the capacity to sustain the business either financially or in terms of gaining user acceptance fast enough to remain relevant.
“Interoperability will also be key and Boost is supportive of it through partnerships with an ever growing list of local and international brands,” said. Khairil.