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Boost expands its PayLater Solution with Boost PayFlex in Malaysia

By Gloria Mathias

February 19, 2024

  • APAC news
  • Axiata
  • Boost
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Boost, Axiata, Financial Services, Indonesia, Hong Kong, MSMEs, P2P lending, Financial Inclusion, Mastercard, Global Prepaid Card, Malaysia, Digital Bank, Malaysia, Fintech news, Boost, PayFlex, FinTech, Malaysia, Payments, APAC news, Credit Line, Malaysia News, Boost, a regional FinTech, has continued to expand its Shariah-compliant PayLater solution, Boost PayFlexTM, to all in-app transactions, in addition to QR code payments. With this solution, pre-scored Boost app users with Premium Wallet accounts can enjoy wider access to a controlled Shariah-compliant credit line.

The credit line provided can be used to stretch payments by up to 3-month instalments in-store at over 1.8 million DuitNow QR merchants across Malaysia, as well as to top up the Boost wallet balance, which enables PayLater options for all in-app transactions, including bill management, online shopping, food delivery, and more.

Boost ensures that its credit facility is offered in a responsible manner, by personalising the credit line to users’ individual affordability assessments. Additionally, being Shariah-compliant based on the concept of Commodity Murabahah, the Boost PayFlexTM user journey is designed to outline all charges upfront clearly and transparently. For 3-month instalments, there are RM10 flat wakalah fee per transaction and 2.5% profit rate per month. For the 30-day option, there’s a one-time wakalah fee of up to RM10 per transaction, with no profit rate. Users will also be informed in advance and frequently reminded of the repayment period, along with the late payment charges of 1% per annum*.

Sheyantha Abeykoon, Group CEO of Boost, said, “We remain steadfast in our commitment to address real market demands and drive greater financial inclusion through our robust fintech ecosystem. Our years of financing experience have 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.

To access the Boost PayFlexTM solution, complete your eKYC authentication by upgrading to Boost’s Premium Wallet account for free. Once upgraded, eligible users can complete the activation process for Boost PayFlexTM, which includes a detailed contract agreement and payment method pre-authorisation.

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