Boost target 30 times GTV growth this year

KUALA LUMPUR: Boost, the electronic wallet application (e-wallet) developed by Axiata Digital Services Sdn Bhd, is targeting a 30 times growth in gross transaction value (GTV) this year.

Axiata Digital chief executive officer Mohd Khairil Abdullah said the e-wallet weekly GTV as at end January this year had grown 50 times over the same month a year ago.

Khairil did not disclose details on the GTV numbers due to competition.

“We are excited about the prospects moving ahead. As much as we grown in 2018, by early March this year, we already crossed our 2018 number in terms of GTV.

“We are now, to certain extent, at a tipping point where Malaysian consumers in general are starting to accept e-wallet as an alternative form of payment.

“I think competition is great as it educates the public about the use of e-wallet. I quite encourage sensible competition in the market as it helps grow the ecosystem,” he told reporters after a media luncheon here on Thursday.

Boost also targets to close the year with a total of five million users.

In 2018, Boost grew its user-base by nearly six times and today has 3.9 million registered users.

Moving ahead, Khairil said the market may move to consolidate to between three and five main players in the next two to three years.

There are now over 40 e-money licensees in Malaysia.

“At the same time we also expect that there will still be other niche e-wallets that focus on specific segments.

“Many e-wallet players may not have the capacity to sustain the business either financially or in terms of gaining user acceptance fast enough to remain relevant.

“Interoperability will also be key and Boost is supportive of it through our partnerships with an ever growing list of local and international brands,” he said.

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