Boost has announced they’re currently offering business owners with a wallet limit of up to RM500,000, with license approval under its current e-money license from Bank Negara Malaysia (BNM). The Merchant B2B Wallet is integrated into the existing Boost Biz app with a QR code payment functionality that will enable merchants to further digitalise their businesses along with simplified transactions.
Aside from the Merchant B2B Wallet’s larger wallet limit, merchants will enjoy a new ‘Instant Settlement and Payment’ feature that allows immediate access to cash upon receipt and eliminating the wait time settlement, which is typically cleared on the next working day. Merchants can also now instantly pay their business expenses such as utility bills and supplier invoices within the Boost Biz app itself upon receiving their customer’s payments. Cash withdrawal is also a seamless experience as merchants are entitled to opt for the withdrawal request into their current bank accounts where it will be reflected on the next business day.
Sheyantha Abeykoon, Group CEO of Boost said, “We are very excited that our vision to build an ecosystem that allows our merchants to seamlessly transact across the B2B supply chain has come to fruition. With the recent approval from BNM for the Merchant B2B Wallet, we will continue our efforts to digitally empower businesses, especially amongst the underserved community through innovative fintech solutions that are unique to Boost. We hope that this will also positively contribute to the national economy by championing a digitally driven society and drive digital transformation for businesses of all sizes to be unstoppable.”
Commenting on the Instant Settlement and Payment feature benefits, CEO of Boost Biz, Eric Chong said, “We want to be able to give our merchants access to cutting-edge technology and convenient solutions within the Boost Biz app. Moving forward, our merchants can spend less time on making various business-related bill payments via multiple platforms and spend more time focusing on building their business operations. With the launch of our Merchant B2B Wallet, this further signifies that Boost is the only app you need to simplify your business.”
There are two wallet types offered in the Boost Biz app that targets different segments of merchants: Individual and Direct Merchants. For Individual Merchants who registered using their identification card, they will have access to the Merchant B2B Wallet size of RM30,000, whereas for Direct Merchants who registered using their Business Registration Number, they will have access to an increased Merchant B2B Wallet size of RM500,000.
The Merchant B2B Wallet can be utilised to provide and facilitate transactions between business retailers, agents and distributors within the wholesale supply chain ecosystem, driving greater security and efficiency measures. The Merchant B2B wallet size also allows merchants to transact in larger volumes which then encourages cashless transactions among businesses, micro, small and large enterprises.
Boost merchants can now use their Merchant B2B Wallet to spend and pay for any purchases through the DuitNow QR and perform hassle-free payments for business-related bills. Interested merchants who are keen to future-proof their business with industry-leading solutions catered to all business needs can tap on the link and register as a Boost merchant.