KUALA LUMPUR: As the country continues to remain in phase one of the National Recovery Plan, homegrown e-wallet Boost is bringing merchant solutions at zero cost to better support micro, small and medium enterprises (MSMEs) shift from offline-to-online to sustain businesses via the Go-eCommerce Onboarding Campaign.
An initiative under the Belanjawan 2021 programme by the Ministry of Finance and Malaysia Digital Economy Corporation (MDEC), the campaign aims to help MSMEs expand from traditional offline operations and digitalise their businesses. Additionally, Boost will also help MSMEs reach a new base of customers online and regenerate income with the hopes of stimulating the local economy.
"MDEC holds steadfast to its resolve to equip and enable Malaysian businesses to navigate and thrive through these business unusual times. With strong support from the government and effective public-private collaborations, we aim to further catalyse the growth of e-commerce in Malaysia and of equal importance, sustaining livelihoods and jobs in the process," said MDEC's CEO, Surina Shukri.
Boost reported that its total Gross Transaction Value (GTV) in 2020 more than doubled the total GTV in 2019. GTV for payments done at online merchants alone grew by 40 per cent in 2020.
"The opportunity to partner with the government once again to provide local MSMEs with a digital commerce and digital payments solution is very timely. This solution is especially important considering consumer's consumption and spending behaviour have shifted significantly to online since 2020," said Boost's CEO, Mohd Khairil Abdullah, who also added that in the long continuous battle to flatten the Covid-19 infection curve, micro and smaller merchants are struggling to keep their businesses afloat.
"However, the reality is many merchants may not have the resources to afford high commission fees from e-commerce platforms or are not tech-savvy to know where to start to transition their business online.
"These are the key reasons we at Boost are providing merchant solutions that they are familiar with and easy to adopt, but minus the expensive fees. Our Merchant team will also be providing full-service online onboarding support, helping MSMEs every step of the way to make it easy for them to shift their business operations online in this new age of e-commerce."
Through the Go-eCommerce Onboarding campaign, which kickstarted on July 1 till December 31, 2021, Boost will be offering the benefits such as: Zero merchant discount rate (MDR) until December 31. MDR is a small fee charged to merchants at a specific rate for every transaction made.
Zero sign-up and onboarding fees, no expensive platform fees, up to RM500 cash incentives for merchants, RM10,000 cash as well as 10 Grand Lucky Draw merchant winners, seamless payment with the Boost Business Payment Link, a contactless payment feature that allows merchants to send a URL payment link to customers via any messaging app, assistance to start selling online, and digital marketing support.
To encourage e-wallet usage at local MSMEs, starting from July 12, 2021 Boost will also be rewarding its loyal users with up to RM30 cashback in the Go-eCommerce Partner Wallet when transacting with all the local merchants.
This cashback aims to generate continuous and repeated transactions between the merchants and consumers. Each transaction with a minimum spend of RM20 will entitle users to a RM3 cashback for up to 10 cashbacks throughout the campaign period. Users can earn this cash back by simply paying with Boost via the Boost DuitNow QR or the Boost Business Payment Link at any local merchants.
"We believe this campaign will not only provide fair access to digital services, but also help the country establish an inclusive, effective and collaborative digital economy. For the Go-eCommerce Onboarding campaign, we intend to build upon last year's MSME e-commerce campaign momentum, with an aim to triple the number of MSME merchants we help onboard and digitalise", said Khairil.
As part of Boost's plans to further enhance its omnichannel e-wallet platform functionalities, an in-app full end-to-end e-commerce solution is in the pipeline this year.
MSMEs interested in onboard with Boost under the Go-eCommerce Onboarding Campaign can sign up by visiting http://myboost.com.my/business/campaign/go-ecommerce. Upon signing up, a Boost Merchant team representative will get in touch within five working days.