Towards a cashless Malaysia

IT’S no secret that the Malaysian government has been pushing for a cashless society. As a homegrown and leading e-wallet in Malaysia, Boost understands the inherent need to “Boost My Malaysia” by leading by example and supporting the needs of Malaysians that will positively impact the economic and social fabric of the nation in pursuit of the government’s aspirations of transforming into a cashless society and digital economy.

To propel the cashless agenda further, Finance Minister Lim Guan Eng announced in Budget 2020 tabled on Friday that the government will provide RM30 to e-wallet users aged 18 and above earning less than RM100,00 annually as a one-off measure to stimulate the use of e-wallets in the country.

Mohd Khairil Abdullah, chief executive officer of Boost said, “We are a proudly homegrown brand – built in Malaysia, by Malaysians for Malaysians – and are excited to hear the government’s continued efforts in creating a cashless society. We invite Malaysians to become early adopters of the cashless revolution. Together, we can accelerate the growth of cashless payments in the country and narrow the social divide and create financial inclusion for everyone.”

With its wide reach of 113,000 merchants including household names like Mydin, Tesco, Giant, 99 Speedmart, KK Mart and KFC across the country, Boost has created a robust ecosystem that makes it easy and convenient for Malaysians to go cashless and is set to demonstrate what a progressive Malaysia will look and feel like as the country transitions towards becoming a digital economy.

Channelled through an e-wallet like Boost, the one-off stimulus from the government can be used across all Boost merchants as well as to pay for utilities, parking – both on-street and indoor/gated – buy prepaid top-ups, pay for food delivery, public transport and more. University students at 24 Boost-ed cashless campuses will be able to pay for fees or products and services giving them a means to track and plan their spending with ease.

This also makes Boost a good choice for those trying out e-wallets for the first time as they won’t be short of options when they try going cashless.

Additionally, part of Boost’s mission is to help society’s underserved segment by providing access to relevant digital payments and financial services so they can thrive in the digital economy. Over 60% of Boost’s merchants are from the small and micro-enterprises category and are primarily cash-based businesses. The government’s e-wallet stimulus will hopefully encourage them to make the shift to digital payments.

The benefits of going cashless, especially for small traders and the rakyat living in rural areas, cannot be understated. Small traders across the country have the ability to focus on their craft and customer service instead of spending time counting and managing cash or travelling a distance to the bank or ATM to deposit their daily takings. Couple this with the security of knowing they can’t be robbed if they don’t carry cash either in store or in transit to the bank, and this makes for a safer overall environment. In addition, these enterprises will also be able to make smarter business decisions with the data-driven insights that a digital payment platform like Boost can offer.

Boost recently tied up with the Rural Development Ministry for its Desa Pintar initiative. Through this collaboration, it is expected to spur entrepreneurial opportunities for rural businesses to expand their businesses beyond the boundaries of small towns and kampungs.

Boost’s values go further than facilitating digital retail transactions. Boost has championed financial inclusiveness for the underserved from day one. It has also stood behind a number of great social causes through its e-donation feature.

Beginning on National Day on Aug 31, the homegrown e-wallet launched its #BoostMyMalaysia campaign which focuses on instilling core values of “Kinder, Fairer and Progressive” as key building blocks for a better nation as well as to enable all Malaysians to play a role in helping elevate quality of life.

The #BoostMyMalaysia campaign gives all Malaysians the opportunity to band together to support important causes including the development of special needs education, providing aid to the less fortunate, keeping our beaches and reefs clean and funding assistance for heart patients in need of treatment. Those wanting to contribute can do so from the Boost app.

Boost isn’t just talking the talk, it’s walking the walk. Through #BoostMyMalaysia, the e-wallet will contribute to these causes too when users carry out certain day-to-day transactions like scan and pay or settling bills through the app.

“Boost will continue revolutionising the way Malaysians transact on a daily basis with relevant solutions that is of added value to any lifestyle choice or need and is also accessible and inclusive for all Malaysians to use.

“This is how we can help support the government’s cashless society goals and achieve shared prosperity in a fair, inclusive, unified and prosperous nation, ” Khairil concluded.

Nearly five million Malaysians have already chosen Boost. It is expected that with the proposed government e-wallet stimulus, many more will be able to enjoy a better cashless lifestyle.

Boost can be downloaded from the Google Play Store or App Store. Follow Boost on Facebook (www.facebook.com/myboostapp/) and Instagram (www.instagram.com/myboostapp/) for updates.

Source : The Star Online