Malaysian e-wallet Boost has expanded its Shariah-compliant PayLater feature, called Boost PayFlex, to cover all transactions within its app as well as QR code payments.
The credit line can be used for payments up to 3-month instalments at over 1.8 million DuitNow QR merchants across Malaysia.
It can also be used to top up the Boost wallet balance, enabling PayLater options for various in-app transactions like bill management, online shopping, and food deliveries.
Boost will be customising credit lines to individual affordability assessments to prioritise responsible lending as a regulated entity.
For 3-month instalments, users are charged a RM10 wakalah fee per transaction and a 2.5% monthly profit rate. A 30-day option includes a one-time wakalah fee of up to RM10 per transaction, with no profit rate.
Boost users will be informed in advance and frequently reminded of the repayment period. Late payment charges are set at 1% per annum.
Users can access Boost PayFlex after completing e-KYC authentication and upgrading to a Premium Wallet account. The activation process involves a contract agreement and payment method pre-authorisation.
The Boost PayFlex page allows users to view and manage their credit line and track expenses and repayments in real-time.
For each ringgit spent using Boost PayFlex, users earn up to 3 Boost Stars, depending on their BoostUP rank.
These stars can be redeemed for savings and rewards through the BoostUP Loyalty Programme.
Sheyantha Abeykoon, Group CEO of Boost said,
“Our years of financing experience has empowered us to stay at the forefront of innovation and embrace regulated practices that guarantee responsible financing for all.
Having successfully taken up the mantle of serving MSMEs through our AI-based micro-financing business, we are now further expanding this valuable financing facility to a wider base of consumers, so that everyday Malaysians have greater financial flexibility.
Karthik Bhaskaran, Chief Product & Innovation Officer of Boost added,
“Every step in developing Boost PayFlexTM has been meticulously guided by our commitment to empower users to take charge of their spending and manage their finances seamlessly.
The controlled credit line of Boost PayFlexTM is offered responsibly, customised to what each user can reasonably afford, which safeguards customers, while also providing them with extensive accessibility to flexible payments nationwide, both online and in-store, on our all-in-one fintech app.”
