Homegrown e-wallet Boost announced that it is now part of the PayNet Real Time Retail Payment Platform (RPP) and will adopt DuitNow QR, effective today.
DuitNow QR is Malaysia’s national QR code standard established by Payments Network Malaysia (PayNet) under Bank Negara Malaysia’s (BNM) Interoperable Credit Transfer Framework (ICTF).
The DuitNow QR functions as a standardised and unified QR code that offers a cashless, contactless and convenient way of shopping for all e-wallet users including those not on the Boost platform.
This benefit extends to Boost merchants too where only ONE QR code is needed to accept cashless and contactless payments from users of any participating e-wallets in the PayNet ecosystem. Subsequently, merchants will be exposed to a bigger mobile-first customer base.
At the same time, Boost users also benefit from a wider merchant reach using DuitNow QR to pay and claim Boost’s attractive loyalty rewards.
This new participation by Boost is timely as it expands its offline digital payment offerings and capabilities to help break the COVID-19 cycle in a safe and contactless manner.
Boost was launched in October 2017 and has rapidly grown its footprint to nearly nine million users. Now, with the DuitNow QR code, it increases its merchant base to over 231,000.
Mohd Khairil Abdullah, CEO of Boost shared,
“We believe that a standardised and unified QR code as a shared payment infrastructure is a defining piece in building a robust ‘One Nation, One QR’ cashless ecosystem. This will greatly facilitate interoperability between digital payment providers and increase accessibility for Malaysians to embrace a now normal lifestyle where going cashless will dominate.
We are thrilled to be part of the DuitNow QR network and work hand-in-hand with PayNet to contribute towards charting the next chapter of the country’s digital and cashless transformation,”
Peter Schiesser, Group CEO of PayNet said,
“E-wallets including Boost played a big role in helping Malaysians embrace a cashless and contactless lifestyle last year.
Having Boost onboard the DuitNow ecosystem will further strengthen their contribution in enabling businesses, especially micro-enterprises and SMEs to accept digital payments and to weather the impact of COVID-19.”