Boost, the fintech arm of Axiata Digital, has officially announced a partnership with Mastercard to provide a range of innovative payment solutions and offerings to deliver more choice, convenience, and security to Malaysian and Indonesian consumers.
One of the first products in the pipeline is a Mastercard prepaid card which will complement Boost’s eWallet offering. According to Boost, the Mastercard prepaid card will allow Boost consumers to make seamless, safe and convenient payments in Malaysia, Indonesia, and globally where Mastercard is accepted. The partnership with Mastercard also envisages the launch of SME financial products to expand the services currently offered to small micro-merchants though the Boost Biz and Boost Credit platforms in Malaysia and Indonesia.
Boost CEO Sheyantha Abeykoon said, “As a leading fintech player, we are pleased to enter into a multi-faceted partnership with Mastercard in the markets we operate in.”
He added, “Drawing on Mastercard’s global expertise and technology, and coupled with our wide spectrum of fintech solutions, we are excited to reimagine what’s possible for our local and regional customers and merchants as we navigate a rapidly changing digital landscape.”
Commenting on the partnership, Safdar Khan, the Division President, Southeast Asia Emerging Markets, Mastercard said “Mastercard is delighted to partner Boost, a regional fintech company to help bolster their existing range of products and services that aims to help include more individuals to connect with the right digital tools, whilst also advancing both Malaysia’s and Indonesia’s growing digital economy.”
At of now, Boost eWallet uses QR-codes for cashless transactions and it currently supports DuitNow QR, which allows Boost users to make payments at more eWallet merchants nationwide. With a physical eWallet-linked prepaid card, Boost users will be able to make payments at even more merchants and outlets where card payments are accepted. Boost currently has a maximum wallet size of RM4,999 for premium users.
It looks like more eWallet players are offering a prepaid card similar to BigPay. Besides Boost, rival Touch ‘n Go eWallet has recently partnered with Visa to introduce a prepaid card next year. Grab also has an eWallet-linked physical card but it is only offered in selected countries such as Singapore and the Philippines. In Malaysia, Grab has a Maybank co-branded credit card instead.