SMEs geared towards a cashless society




THE rise of contactless payments has the media talking about the fast-encroaching cashless society. Especially since the Covid-19 outbreak, contactless payment has become part of the new normal.

We see bright days ahead with fewer cash-based crimes, easy budgeting – transactions are just a few taps away on our phones – and shorter queues at the supermarket.

That’s right, no more coin counting at the checkout counter.

With increased confidence in online transactions, the role of mobile has propelled the cause even further and Malaysia is paving its way towards a cashless society.

We see it in government initiatives such as ePenjana and eTunai Rakyat, which encourage locals to normalise ewallets as the primary payment solution at counters.

Launched in 2017, homegrown ewallet Boost is one of the first and top ewallets in Malaysia, with over 225,000 merchant touchpoints available nationwide.

Serving over 100,000 SME merchants, Boost wants to give back to businesses who showed support and confidence in the app, not only with their financial transactions but with their business solutions too – all while staying true to its mission of providing access to cashless payments for smaller and underserved merchants which make up two-thirds of its merchant base.

Boost wants to celebrate them with its Boost Jer Kaw-Kaw & Menang initiative which sees supportive merchants possibly walking away with prizes worth up to RM450,000 from now till April 3.

It is open to all eligible Boost merchants with a Boost QR standee at their physical stores.

Whether a standalone kopitiam or a small franchise with a couple of outlets, there is an opportunity to win for every business.

Encourage customers to pay with Boost via Boost Business Payment Link or by scanning the Boost QR at physical stores. For each transaction of RM10 paid by a Boost user, merchants would earn one entry. The higher the transaction amount, the more entries the merchant would receive and have a better chance of winning.

With every entry, merchants stand a chance to win grand prizes such as a Proton X50, Samsung Galaxy S21 5G, iPad Air or Apple Watch Series 6, as well as cash prizes of RM888 awarded to 30 winners each week.

To further cement their dedication in the cashless society movement, Boost is preparing to provide simplified solutions for long-term digital sustainability by integrating with DuitNow developed by Paynet and implementing DuitNow QR across their merchant touchpoints.

This would mean businesses could do away with multiple QR standees on their cashier counter as only one Boost DuitNow QR code is needed for payment acceptance.

Customers, on the other hand, would have the option to choose their preferred bank or ewallet to transact if it is part of the DuitNow ecosystem.

Boost together with Aspirasi are dedicated in helping merchants sustain their business during the pandemic with up to RM20,000 at 0% interest for the first six months, as long as merchants are not blacklisted by the Central Credit Reference Information System (CCRIS) and subjected to credit score checks.

Aspirasi has a hassle-free signing-up process with minimal documentation required; all you have to do is apply through the Boost Aspirasi link.

For more information and easy self-registration to join the growing business merchants with Boost, visit https://www.myboost.com.my/business/.

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