KUALA LUMPUR: Homegrown e-wallet Boost recorded an 85 per cent increase in user spending at its merchants in the Micro and SME (MSME) business segments in July 2020 compared to April during the Movement Control Order (MCO).
The Boost Payment Link, a contactless payment solution developed for MSME merchants introduced at the start of the MCO has also seen an increase in transactions by 21-times to-date. These trends place Boost in a strong position to bring merchants and users together on one platform by leveraging an ecosystem that fulfils their business and lifestyle needs in a sustainable manner.
According to Boost, in demonstrating the spirit of Malaysia, Malaysians have taken it upon themselves to support each other, showing strength through unity and reinforcing the importance of rebuilding the economy together.
From shopping at online Ramadan bazaars to mom and pop shops, the country continues to benefit from Malaysians producing and spending within our borders as much of the world remains in a state of lockdown.
This is apparent in Boost’s total monthly Gross Transaction Value (GTV) showing a strong 70 per cent increase after the MCO period. Boost currently has 8.5 million users.
“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 our data, Boost merchants from the small and micro business segment performed better at maintaining earnings during the downturn compared to larger enterprises.
“This shows that Malaysians 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. We know when to come together to uplift one another and times like these is when our strengths shine through,” said Boost chief executive officer Mohd Khairil Abdullah, in a press statement.
Khairil also noted that, in the CMCO period, where business activity was partially opened, total user spend with Boost continued to pick back up to pre-MCO levels, even higher than the spending during the e-Tunai Rakyat period.
During this time, many homegrown businesses, including MSMEs in the F&B, services and retail sector, took the opportunity to digitally transform their businesses for long term resilience.
“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, neighbours, colleagues and communities for the collective betterment of our nation. #KitaBoostKita,” Khairil concluded.