Axiata Group’s fintech arm Boost announced that it has launched its Merchant B2B Wallet with a limit of up to RM500,000.

The Merchant B2B Wallet is integrated into the existing Boost Biz app with a QR code payment functionality.

The new wallet also offers the new ‘Instant Settlement and Payment’ feature that gives businesses immediate access to cash upon receipt.

Merchants can also now instantly pay their business expenses such as utility bills and supplier invoices within the Boost Biz app itself.

Additionally, merchants are also able to opt for the withdrawal request into their current bank accounts where it will be reflected on the next business day.

There are currently two wallet types offered in the Boost Biz app for both individual and direct merchants.

Individual merchants who registered using their identification card will have access to the Merchant B2B Wallet size of RM30,000.

Meanwhile, direct merchants who registered using their Business Registration Number will have access to an increased wallet size of RM500,000.

The Merchant B2B Wallet is under Boost’s current e-money license from Bank Negara Malaysia (BNM).

Interested merchants can register as a Boost merchant here.

Sheyantha Abeykoon, Group CEO of Boost said,

“With the recent approval from BNM for the Merchant B2B Wallet, we will continue our efforts to digitally empower businesses, especially amongst the underserved community through innovative fintech solutions that are unique to Boost.”

Eric Chong, CEO of Boost Biz said,

“Moving forward, our merchants can spend less time on making various business-related bill payments via multiple platforms and spend more time focusing on building their business operations.”