Boost has expanded its Shariah-compliant PayLater solution, Boost PayFlex to all in-app transactions, in addition to QR code payments.
These solutions allow Boost app users with Premium Wallet accounts to enjoy wider access to a controlled Shariah-compliant credit line.
Shariah-compliant PayLater solutions for in-store and in-app purchases
This credit line allows users to stretch payments by up to 3-month instalments in-store at over 1.8 million DuitNow QR merchants across Malaysia. It also applies to topping-up the Boost wallet balance. The Boost wallet enables PayLater options for all in-app transactions, including bill management, online shopping, food delivery, and more.
“Our years of financing experience has empowered us to stay at the forefront of innovation and embrace regulated practices that guarantee responsible financing for all.
“Having successfully taken up the mantle of serving MSMEs through our AI-based micro-financing business, we are now further expanding this valuable financing facility to a wider base of consumers,” said Sheyantha Abeykoon, Group CEO of Boost.
“The controlled credit line of Boost PayFlexTM is offered responsibly, customised to what each user can reasonably afford, which safeguards customers, while also providing them with extensive accessibility to flexible payments nationwide, both online and in-store, on our all-in-one fintech app,” Karthik Bhaskaran, Chief Product & Innovation Officer of Boost. highlighted.
Boost PayFlex available for Premium Wallet account holders only
In order to access the Boost PayFlex solution, you will need to complete your e-KYC authentication by upgrading to Boost’s Premium Wallet account for free.
Following this, eligible users can then complete the activation process for Boost PayFlex, which includes a detailed contract agreement and payment method pre-authorisation. Once activated, users can view and utilise the respective line of credit.
For every ringgit spent using Boost PayFlexTM, users will earn up to 3 Boost Stars, depending on their BoostUP rank. Accumulated Boost Stars can then be redeemed for additional savings and rewards through the BoostUP Loyalty Programme.
