KUALA LUMPUR: Axiata group Bhd’s fintech arm Boost has launched Merchant B2B Wallet that provides business owners with a wallet limit of up to RM500,000.
Boost group chief executive officer Sheyantha Abeykoon said with the recent approval from Bank Negara Malaysia for the Merchant B2B Wallet, the company would continue its efforts to digitally empower businesses.
This is especially among the underserved community through innovative fintech solutions that are unique to Boost.
“We hope that this will also positively contribute to the national economy by championing a digitally driven society and drive digital transformation for businesses of all sizes to be unstoppable,” he said.
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.
The Merchant B2B Wallet comes with license approval under its current e-money licence from Bank Negara.
Aside from the Merchant B2B Wallet’s larger wallet limit, merchants will enjoy a new “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.
According to Boost, there were two wallet types offered in the Boost Biz app that targeted different segments of merchants called 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.
Direct Merchants who registered using their Business Registration Number, 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,” it said.
Source: New Straits Times