Boost Sees 140% Spike in Gross Transaction Valueby Fintech News Malaysia September 2, 2020 0 comments
E-wallet operator Boost said in a media statement that Malaysian consumers have embraced a digital lifestyle and made contactless payments as the key payment method during the Recovery Movement Order (RMCO).
This comes as Boost is reporting 140% increase in Gross Transaction Value (GTV) in August 2020 compared to the same period last year on August 2019. The e-wallet is also seeing 77% monthly increase in GTV after the MCO period between April to August.
Its recently launched Boost Payment Link, a contactless payment solution developed for MSME merchants has also seen an increase in transactions by 21 times to-date.
Boost added that it now has 8.5 million users.
“While MSMEs have been hailed as the backbone of the economy, it takes consumer spending to spur economic recovery. Collectively, Malaysian businesses and consumers have the power to impact the economy positively and Malaysians understand this. According to our data, Boost merchants from the small and micro business segment performed better at maintaining earnings during the downturn compared to larger enterprises.
said Mohd Khairil Abdullah, CEO of Boost.
Featured image credit: edited from freepik.com