Boost, a leading fintech player, expands its Shariah-compliant PayLater solution, Boost PayFlex, to cover all in-app transactions, providing users with a controlled credit line for flexible payments. This move aims to enhance financial inclusion and empower users to manage their finances responsibly.
18 January 2024 – Boost, a prominent regional fintech leader, has announced the expansion of its Shariah-compliant PayLater solution, Boost PayFlex, to cover all in-app transactions, in addition to QR code payments. This strategic move aims to provide pre-scored Boost app users with Premium Wallet accounts a broader and controlled Shariah-compliant credit line, enhancing financial flexibility.
Boost PayFlex allows eligible users to access a credit line that can be utilized for up to 3-month instalments at over 1.8 million DuitNow QR merchants across Malaysia. This innovative solution also extends to topping up the Boost wallet balance, enabling PayLater options for various in-app transactions, including bill management, online shopping, and food delivery.
As a responsible player in the industry, Boost ensures that its credit facility is personalized based on individual affordability assessments. The Shariah-compliant Boost PayFlex adheres to the concept of Commodity Murabahah, providing users with a transparent fee structure. For 3-month instalments, users incur a flat RM10 wakalah fee per transaction and a 2.5% profit rate per month. The 30-day option includes a one-time wakalah fee of up to RM10 per transaction, with no profit rate.
Users are proactively informed about the repayment period and late payment charges of 1% per annum, reinforcing Boost’s commitment to responsible financing practices.
Sheyantha Abeykoon, Group CEO of Boost, expressed the company’s commitment to addressing market demands and driving financial inclusion. Having successfully served MSMEs through AI-based micro-financing, Boost aims to extend this valuable financing facility to a broader consumer base, offering Malaysians greater financial flexibility.
Karthik Bhaskaran, Chief Product & Innovation Officer of Boost, emphasized the meticulous development of Boost PayFlex, ensuring it aligns with the company’s commitment to empowering users to manage their finances seamlessly. The controlled credit line is offered responsibly, customized to each user’s affordability, providing extensive accessibility to flexible payments both online and in-store through the all-in-one fintech app.
To access Boost PayFlex, users can complete their e-KYC authentication by upgrading to Boost’s Premium Wallet account for free. Eligible users can then activate Boost PayFlex, complete a detailed contract agreement, and pre-authorize their chosen payment method. The Boost PayFlex page allows users to track pending expenses and repayment schedules in real-time upon successful activation.
In an added incentive, users earn up to 3 Boost Stars for every ringgit spent using Boost PayFlex, with redemption options available through the BoostUP Loyalty Programme, offering additional savings and rewards. – ref: TRP
