KUALA LUMPUR: 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 March 29, 2021.
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).
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's chief executive officer, Mohd Khairil Abdullah in conjunction with the announcement said that the use of unified QR code as a shared payment infrastructure is the way forward.
"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. It will no doubt help the economy recover by enabling Malaysians to keep safe and contactless when going out with more movement freedom during controlled movement period and beyond," he said.
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.
"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," added Khairil.
With the country still actively battling the pandemic, Boost's adoption of the DuitNow QR is essential to continue minimising exposure and contact risks to Covid-19 for a safer in-store or offline shopping experience.
Boost made its mark as the first major e-wallet in the country back in October 2017. It 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. The homegrown e-wallet is widely accepted nationwide with close to 60 per cent of its merchants comprising micro-enterprises and traditional cash-based merchants such as hawker stalls, pasar malam vendors and mom-and-pop shops while the remaining 40 per cent include well known household brands in the retail sector.
The adoption of DuitNow QR code is in line with #BoostGotYou campaign launched last March during the first MCO as Malaysians learned to stay safe in the new normal.
The #BoostGotYou campaign features innovative services and solutions for Malaysians to carry out necessary tasks with safe contactless convenience. They include paying bills, buying prepaid top-ups to stay connected with loved ones, online shopping, getting insurance protection and supporting local merchants.
PayNet Group's CEO, Peter Schiesser 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.
"PayNet is pleased to support our participants through the provision of inclusive and collaborative financial ecosystems that are resilient, competitive and accessible to all. With Boost's strong user and merchant base that extends to Sabah and Sarawak adopting DuitNow QR, the rapidly expanding national DuitNow ecosystem is set to drive higher ePayments adoption and wider financial inclusion in the country," he said.