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Boost, Malaysia homegrown e-wallet, recorded an 85 % increase in user spending at its merchants in the Micro and SME (MSME) business segments in July 2020. The Boost Payment Link, a contactless payment solution developed for MSME merchants introduced at the start of the MCO has also seen an increase in transactions by 21 times (21X) to-date.
These trends place Boost in a strong position to bring merchants and users together on one platform by leveraging an ecosystem that fulfils their business and lifestyle needs in a sustainable manner.
According to Boost, Malaysians are playing a pivotal role in accelerating local business and economic recovery, which is apparent in Boost’s total monthly Gross Transaction Value (GTV) showing a strong 70% increase after the MCO period. They currently has 8.5 million users.
“While MSMEs have been hailed as the backbone of the economy, it takes consumer spending to spur economic recovery. Collectively, Malaysian businesses and consumers have the power to impact the economy positively and Malaysians understand this,” said Mohd Khairil Abdullah, CEO of Boost.
Boost’s data showed that their merchants from the small and micro business segment performed better at maintaining earnings during the downturn compared to larger enterprises. This shows that Malaysians are aware of the impact of their purchasing power and naturally shifted towards supporting MSMEs by shopping and dining locally, and still continue to do so.
Khairil also noted that, in the CMCO period, where business activity was partially opened, total user spend with Boost continued to pick back up to pre-MCO levels, even higher than the spending during the e-Tunai Rakyat period.
During this time, many homegrown businesses, including MSMEs in the F&B, services and retail sector, took the opportunity to digitally transform their businesses for long term resilience.
The support for MSMEs continues to grow as they journey towards digitisation by adopting e-wallets like Boost, as a safe, convenient and seamless payment method.
“While businesses in Malaysia continue to transform themselves to remain resilient, this Merdeka, let’s make a conscious effort to continue safeguarding and supporting our family, friends, neighbors, colleagues and communities for the collective betterment of our nation. #KitaBoostKita,” Boost CEO Khairil concluded.
