BOOST LAUNCHES MERCHANT WALLET

Group continues to digitally empower businesses, especially the underserved

AXIATA Group Bhd’s financial technology (fintech) arm, Boost, has launched the “Merchant B2B Wallet” that provides business owners with a limit of up to RM500,000.

Boost group chief executive officer Sheyantha Abeykoon said with the recent approval from Bank Negara Malaysia for the Merchant B2B Wallet, the company would continue its efforts to digitally empower businesses, especially among the underserved community.

The Merchant B2B Wallet is integrated into the Boost Biz app with a QR code payment function that will enable merchants to further digitalise their businesses along with simplified transactions.

The Merchant B2B Wallet comes with licence approval under its current e-money licence from Bank Negara.

Aside from the larger wallet limit, merchants will enjoy a new “Instant Settlement and Payment” feature that allows immediate access to cash upon receipt and eliminates the wait time settlement.

Merchants can also instantly pay business expenses such as utility bills and supplier invoices with the Boost Biz app.

Cash withdrawal is also a seamless experience as merchants are entitled to opt for the withdrawal request into their current bank accounts.

There are two wallet types offered in the Boost Biz app called “Individual Merchants” and “Direct Merchants” that target different segments.

Individual Merchants will have access to the Merchant B2B Wallet size of RM30,000.

Direct Merchants, who registered using their business registration numbers, will have access to an increased Merchant B2B Wallet size of RM500,000.

“The Merchant B2B Wallet can facilitate transactions between business retailers, agents and distributors within the wholesale supply chain ecosystem, driving greater security and efficiency.

“The Merchant B2B Wallet also allows merchants to transact in larger volumes, and encourages cashless transactions,” it said.