Boost has announced the nationwide expansion of its Shariah-compliant PayLater solution, Boost PayFlexTM, offering controlled credit lines for both online and offline transactions. This innovative offering allows pre-scored Boost app users with Premium Wallet accounts to access a Shariah-compliant credit line, stretching payments for up to 3 months at over 1.8 million DuitNow QR merchants across Malaysia, as well as to top-up the Boost wallet balance, which enables PayLater options for all in-app transactions, including bill management, online shopping, food delivery, and more.
Boost Group CEO, Sheyantha Abeykoon emphasised the company’s commitment to addressing market demands and driving financial inclusion through a robust fintech ecosystem. Having previously served MSMEs through AI-based micro-financing, Boost aims to extend this financing facility to a broader consumer base, providing everyday Malaysians with greater financial flexibility.
Boost Chief Product & Innovation, Karthik Bhaskaran highlighted the customer-centric approach in developing Boost PayFlexTM. The controlled credit line is offered responsibly, customized to individual affordability, ensuring user trust and confidence. The goal is to accelerate financial inclusion through responsible financing practices.
To access Boost PayFlexTM, users need to complete e-KYC authentication by upgrading to Boost’s Premium Wallet account for free. Eligible users can then activate Boost PayFlexTM, which includes a detailed contract agreement and payment method pre-authorization. Users can track pending expenses and repayment schedules in real-time on the Boost PayFlexTM page upon successful activation.
Boost PayFlexTM users can earn up to 3 Boost Stars for every ringgit spent, depending on their BoostUP rank. These stars can be redeemed for savings and rewards through the BoostUP Loyalty Programme, enhancing the overall user experience.
Key Features of Boost PayFlexTM:
- Wider Access: Boost PayFlexTM now covers all in-app transactions, providing users with a versatile solution for bill management, online shopping, food delivery, and more.
- Controlled Shariah-Compliant Credit Line: The credit line is tailored based on individual affordability assessments, ensuring responsible financing practices.
- Transparent Fee Structure: Boost PayFlexTM operates on the Commodity Murabahah concept, with upfront charges clearly outlined. For 3-month instalments, a flat RM10 wakalah fee per transaction and a 2.5% profit rate per month apply. The 30-day option incurs a one-time wakalah fee of up to RM10 per transaction, with no profit rate. Users are informed in advance, with reminders of the repayment period and a late payment charge of 1% per annum.
