Boost will allow its merchants to transfer up to RM500,000 with its new Merchant B2B Wallet, a revolutionary offering in the market.
The Merchant B2B Wallet is integrated into the existing Boost Biz app with a QR code payment functionality that will enable merchants to further digitalise their businesses along with simplified transactions.
Along with the limit upgrade, the fintech company has also launched a new service called Instant Settlement and Payment’ feature that allows immediate access to cash upon receipt and eliminates the wait time settlement, which is typically cleared on the next working day. Merchants can also now instantly pay their business expenses such as utility bills and supplier invoices within the Boost Biz app itself upon receiving their customer’s payments. Cash withdrawal is also a seamless experience as merchants are entitled to opt for the withdrawal request into their current bank accounts where it will be reflected on the next business day.
There are two wallet types offered in the Boost Biz app that targets different segments of merchants: Individual and Direct Merchants. For Individual Merchants who registered using their identification card, they will have access to the Merchant B2B Wallet size of RM30,000, whereas for Direct Merchants who registered using their Business Registration Number, they will have access to an increased Merchant B2B Wallet size of RM500,000.
The Merchant B2B Wallet can be utilised to provide and facilitate transactions between business retailers, agents and distributors within the wholesale supply chain ecosystem, driving greater security and efficiency measures. The Merchant B2B wallet size also allows merchants to transact in larger volumes which then encourages cashless transactions among businesses, micro, small and large enterprises.