The Covid-19 outbreak had wreaked havoc globally and Malaysia was no exception to its impact. Businesses faced the possibility of closing down for good and many Malaysians nationwide risked losing their jobs in the midst of healthcare and economic crisis.
However, as the country was led by the finest leaders who managed to re-open the economy in stages, preventing another outcome which could have led to the worst, businesses have started seeing hope to keep going.
Playing their part to help businesses, in particular for the MSMEs, homegrown e-wallet player, Boost, has developed the Boost Business Payment Link. A contactless payment solution developed for MSME merchants which was introduced at the start of the Movement Control Order (MCO).
It allowed merchants to collect payments by sending a URL payment link directly to their customers via email, SMS or whatsapp, which in return enabled merchants to innovate their existing business model. They will also be helping merchants digitise and move offline-to-online (O2O) by setting up their own e-commerce catalogue that is integrated with the Boost Business Payment Link feature to allow a seamless end to end online journey.
The new offering by Boost has since seen an increase in transactions by 21 times to-date.
Mohd Khairil Abdullah, Chief Executive Officer of Boost says, “In demonstrating the spirit of Malaysia, the rakyat has taken it upon themselves to support each other, showing strength through unity and reinforcing the importance of rebuilding the economy together.”
He further states that 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.
According to Boost’s data, SME merchants under it performed better at maintaining earnings during the downturn compared to larger enterprises.
“This shows that Malaysian 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. This is why I am proud to be Malaysian,” says Khairil.
The e-wallet which was launched in 2017 has since revolutionised the way Malaysian consumers transact as the country undergoes a digital transformation.
Boost has also aided MSMEs in the F&B, services and retail sector in their digital journey to make them more resilient in the long-term. As a result, Malaysians find it safer for them as digital transformations by businesses especially during a crisis such as the Covid-19 outbreak, also benefitted them.
Cashless payments has allowed many Malaysians nationwide to perform transactions in a safer 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,” he says.
As part of our role as Malaysians to one another this 63rd Independence Day, let’s continue supporting local businesses as they represent the Malaysian spirit of tenacity who have overcome one of the biggest hurdles both the country and the community has faced.