The upcoming financial aid program under the PEMERKASA economic stimulus package, will see 2 million youths in the country receiving RM150 that could be used for some of the expenses. Like previous aids, the money will only be credited to an e-wallet account selected by the Ministry of Finance and one again Axiata Digital’s fintech startup Boost will be platforms.
Following the announcement by the Ministry of Finance today, Mohd Khairil Abdullah, CEO of Boost said that the homegrown e-wallet is humbled to be chosen for the third time as one of the Government’s trusted digital payment platforms for another e-wallet incentive initiative. More importantly, an initiative that specifically benefits youth.
“We look forward to playing a role in helping higher education students tide through the on-going pandemic. The eBelia e-wallet incentive will help alleviate living expenses of students and provide additional pocket money. At the same time, our belia is the right segment that will lead the way in driving the adoption of a cashless and digital lifestyle, in addition to reviving the country’s economy and spurring domestic spending at local businesses,” added Khairil.
Boost is one of two main players in the cashless ecosystem in the country, a pioneer in the industry the incumbent has more than 10 million users and is acceptable in many states including East Malaysia. Students will benefit from the ewallet as Boost is already in over 58 campuses nationwide accepting payments for meals, stationary and even University fees.
Notably being included in the initiative will give the platform a desirable increase in its gross transaction value (gtv) this in return raises the value of fintech providers when they seek for funding or listing. For Boost, it will need to compete with the other 3 players and try to grab the lion share of aid to up its gtv to achieve this expect to see promotions and rewards in coming months.
