KUALA LUMPUR, 6 DECEMBER 2022 – Boost, the leading regional full-spectrum fintech arm of Axiata, and Payments Network Malaysia (PayNet), our national retail payments network infrastructure announced today that Boost merchants can now accept cross-border payments from tourists from Thailand via its DuitNow QR, making it easier for tourists to make cashless cross-border payments in the country.
This new seamless transaction feature will pave the way for tourists to use their eWallets to make payments without the need to have Ringgit on hand. Tourists will only need to scan the Boost DuitNow QR code, which will automatically recognize the user’s current location in Malaysia. The user will receive a request to put in the amount of their purchase in Malaysian Ringgit (MYR), and an automatic conversion will then be deducted from their home country eWallet accordingly. For Boost merchants, they will continue to accept payments in MYR.
In the first phase, this convenience will be made available to tourists from Thailand. Participating Thailand financial institutions mobile payments applications that can be used to scan the Boost DuitNow QR in Malaysia are CIMB Thai, Siam Commercial Bank, Bangkok Bank, Krungthai Bank and Bank of Ayudhya.
Sheyantha Abeykoon, Group CEO of Boost, said: “At Boost, we have always been at the forefront of innovating our digital payments solutions to benefit our merchants and provide simplified payment options for local shoppers. Today, we are excited to now offer this to regional tourists through our collaboration with PayNet’s extensive cross border payment network. With the holiday season approaching, this novel offering in the market will provide our merchants with an edge to widen their network of customers, while tourists can enjoy simplified transactions in their own currency with close to more than half a million Boost merchant touchpoints across the country. We aim to include cross-border QR payments acceptance to Indonesia and Singapore tourists alongside other regions within PayNet’s coverage in the coming months.”
According to Group CEO of PayNet, Mr Farhan Ahmad, “Our role is to enable seamless, accessible and convenient digital payments in a safe, secure and efficient manner. This includes cross-border inter-operability of retail payments, particularly among ASEAN countries. We are delighted that our ecosystem participant, Boost, has paved the way for tourists from Thailand to make cross-border payments via DuitNow QR. This convenience not only benefits the Malaysian tourism industry but also our micro-SMEs and other retailers, which in turn boosts economic activities and growth. The multiplier effects and impacts from such enablement is immense. This is a very good start.”
Close to 200,000 Boost DuitNow QR merchants can be easily found at popular tourist hangouts around Malaysia such as Jalan Bukit Bintang, a prominent shopping strip and food joint in Kuala Lumpur, the famous Jonker Walk and Kota Syahbandar in Malacca, the independent art of Armenian Street along with foodie favourites such as the Chowrasta Market and the renowned Gurney Drive Food Street in Penang, and discover more of Borneo at Sarawak Cultural Village in Santubong or Sibu Central and Night markets, to name a few.
To encourage more merchants to digitalise and embrace the cashless way of doing business, Boost is currently working closely with the Jonker Walk Association in Malacca in a concerted effort to onboard even more merchants to offer tourists more shopping options.
In line with this new update, those who are still on the fence about being a Boost merchant, can join us today and extend their current customer base, regionally. All they need to do is onboard as a Boost merchant and display the Boost DuitNow QR code. For a limited time only, fees to activate the cross-border payment feature will be waived. Tap the link here for more information on how you can be a Boost merchant.
About Boost
Boost is the regional full spectrum fintech arm of Axiata that financially empowers millions of customers, both users and merchants, across 7 countries in Southeast Asia. Through its ever-expanding fintech ecosystem spanning its consumer app, merchant solutions, AI-based lending business, and cross-border payment platform, Boost continuously paves the way for unstoppable growth and greater financial inclusion through the power of technology and artificial intelligence. Be unstoppable with Boost, your simplified access to digital financial services, all in one powerful fintech platform.
Users can download Boost from the Google Play Store, App Store or HUAWEI AppGallery. For more information, check out the website at www.myboost.com.my, newsroom https://bit.ly/MyBoostNewsroom, or follow Boost on Facebook (https://bit.ly/MyBoostAppFacebook) and Instagram (https://bit.ly/MyBoostAppInstagram).
About Paynet
Payments Network Malaysia Sdn Bhd (PayNet, formerly known as Malaysian Electronic Clearing Corporation Sdn Bhd) is Malaysia's premier payments network and central infrastructure for financial markets. We innovate, build and operate world-class payment systems and financial market infrastructures that safely, reliably and efficiently enable the functioning and development of Malaysia's financial system as well as the economy as a whole. With Bank Negara Malaysia as PayNet's single largest
shareholder and eleven major financial institutions as joint shareholders, PayNet also serves as a platform to harness the collaborative efforts of the Malaysian banking system to accelerate the adoption of electronic payments. For more information, please visit www.paynet.my.
This content is provided by BOOST Malaysia
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