Budget 2020: E-wallet stimulus big push for digital payments, Boost CEO says

Boost CEO Mohd Khairil Abdullah: "The Government’s e-wallet stimulus initiative will also greatly drive the adoption of e-wallets as an exceedingly convenient method of payment for consumers. Importantly, it can also be viewed as a form of endorsement of the technology used which is safe and very secure for financial transactions."

KUALA LUMPUR: The government's proposed e-wallet stimulus will give a boost to this exceedingly convenient method of payment for consumers, Boost CEO Mohd Khairil Abdullah says.

Below is Mohd Khairil's statement:

We welcome the Government’s move at introducing measures that will aid towards the social and financial inclusion for all Malaysians in the Budget 2020 announcement.

We at Boost look forward to support the relevant initiatives that will drive towards developing a robust Malaysian digital economy, in particular, the Government’s proposed e-wallet stimulus which was announced during the tabling of the budget.

We are excited by the initiatives identified by the Government towards uplifting all segments of society and addressing income disparities.

As the country moves to integrate itself within the rising global digital economy, we look to play our part in building a cashless community and providing access to digital payments and financial services, which will contribute towards

accelerating economic development.

Budget 2020 makes encouraging provisions for the small and medium-sized enterprises (SMEs) to be digitally enabled.

Over 60% of Boost’s more than 113,000 merchants are from the small and micro-enterprises category.

Our payment platform provides them with relevant solutions that enables them to be part of the digital economy. For instance, with cash merchants who may not have a Point-of-Sale (POS) terminal, their customers can leverage on our easy

scan-and-pay feature using their smartphones with the merchant’s Boost QR code.

Many benefits

The Government’s e-wallet stimulus initiative will also greatly drive the adoption of e-wallets as an exceedingly convenient method of payment for consumers. Importantly, it can also be viewed as a form of endorsement of the technology

used which is safe and very secure for financial transactions.

Today, e-wallets can be used conveniently across the country to pay for a wide range of products and services both online and offline.

Among the big retails brands that have embraced the digital revolution include household names like Mydin, Giant, Tesco, 99 Speedmart, KK Mart, KFC and many more.

These are brands that have outlets peppering every populated nook and

cranny of the country and hence, make it accessible for all Malaysians to use their e-wallets to replace cash in the long run.

But Malaysians don’t exclusively shop at those brand stores – many of us enjoy a visit to pasar malams and bazaars where we buy our favourite treats and meals from traditionally cash merchants. Today, that landscape is changing with many of these small and micro businesses are also adopting e-wallet payments.

E-wallets bring simplicity and save time from having to queue up at ATMs for cash. At the other end of that spectrum is on-street parking that requires coins and small change – e-wallets can add convenience there as well by allowing

digital payment that is integrated in real-time with enforcement agencies.

In addition, e-wallets now bring more features like utility bill and local council assessment payments which can be done at a few taps of the smartphone screen. No more long queues at ATMs or the post office.

The benefits of using an e-wallet goes beyond simplicity and convenience – used consistently, it offers a great way for users to track their spending and, ultimately, inculcate stronger financial planning.

Businesses, on the other hand, will find an easy way to track transactions and glean data-driven insights into consumer trends. This lets entrepreneurs make smarter business decisions in growing their enterprises.

For many Malaysians, the Government’s e-wallet stimulus will encourage them to try a new experience – their first time using an e-wallet. We hope we can be a driver of change for the country in our journey towards becoming a cashless society.

The government’s e-wallet stimulus will certainly spur domestic spending for local merchants which not only spreads more prosperity throughout our economy but will also catalyze higher adoption of digital payments amongst businesses.

We recently introduced #BoostMyMalaysia, a campaign to instil core values of being fairer and more progressive as key building blocks for a better nation and to enable all Malaysians to play a role to help drive our nation to the next level.

As a homegrown brand built in Malaysia, by Malaysians for Malaysians, we have a vested interest to ensure all Malaysians, especially the under-served, have equal yet fair opportunities and access to financial systems and services by leveraging on Boost as a tool for economic empowerment.

We believe Budget 2020 has given us the space as a digital financial services provider to contribute towards the nation’s digital economy aspirations and develop its ecosystem.