Homegrown e-wallet Boost recorded an 85% increase in user spending at its merchants in the Micro and SME (MSME) business segments in July 2020 compared to April during the MCO.
Contactless payment solution, Boost Payment Link, that was developed for and introduced to MSME merchants at the beginning of the MCO has seen a 21-fold (21X) increase in transactions to date. These trends place Boost in a strong position to bring together merchants and users on a single platform by leveraging an ecosystem that sustainably fulfils their business and lifestyle needs.
The rakyat took it upon themselves to support one another, showing strength through unity and reinforcing the importance of together rebuilding the economy. This is apparent in Boost’s total monthly Gross Transaction Value (GTV) showing a strong 70% 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. 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,” said Mohd Khairil Abdullah, CEO of Boost.
Khairil also noted that overall user spending with Boost continued to pick up back to pre-MCO levels, even higher than the spending during the e-Tunai Rakyat period, during the CMCO period, where business activity was partially opened.
During this time, many homegrown businesses including MSMEs in the F&B, services, and retail sector have taken the opportunity to digitally transform their businesses for long-term resilience,
As they move towards digitisation, support for MSMEs continues to grow by adopting e-wallets such as Boost as a safe , convenient and seamless payment method.
“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, neighbors, colleagues and communities for the collective betterment of our nation. #KitaBoostKita,” Boost CEO Khairil concluded.