By Mohd Noor Azeery Idris
KUALA LUMPUR, Dec 7 (Bernama) -- The Malaysian PayLater market, a segment of the broader fintech industry, has seen significant growth in recent years.
This service, which enables consumers to make immediate purchases by deferring payment to a later date, has grown in popularity largely due to the low barriers of entry and quick access to financing.
According to market reports, the Malaysian PayLater market is growing steadily and is expecting a compounded annual growth rate of 35.4 per cent between 2022 and 2028 – with the gross merchandise value likely reaching US$6.9 billion (RM29.6 billion) by 2028.
Additionally, about 17 per cent of Malaysian consumers surveyed, use PayLater and 46 per cent are very likely to use it again.
To gain further insights into the PayLater market, Bernama had an exclusive interview with Ungku Norliza Syazwan Ungku Halmie, the chief executive officer of Boost Life, the all-in-one fintech app of Boost.
She shed some light on the importance of responsible financing in protecting customers and cultivating a stable credit market, along with how Boost aims to be a champion in sustainably driving greater financial inclusion.
“There’s a gap in the local market with an increasing trend of missed repayments among select PayLater players, perhaps due to lack of transparency over the various fees, as well as there being a need for more holistic affordability assessment of customers.
“As a regulated and established regional fintech leader with years of extensive experience serving the underserved market segment, we at Boost, aim to close that gap with our Beyond Card - the first global prepaid card with PayLater in Malaysia," Ungku Liza said.
The Beyond Card, launched in partnership with CelcomDigi and Mastercard, ensures customers are offered a controlled and personalised shariah-compliant PayLater credit line in a responsible manner.
Boost’s robust scoring techniques evaluate customers based on their ability to repay.
Through the built-in PayLater solution, known as Boost PayFlex, Beyond Card helps users to stretch payments by up to 3-month instalments at over 100 million Mastercard merchants worldwide.
Ungku Liza explained that currently, select CelcomDigi customers are invited to apply for the card with Celcom users enjoying exclusive access, followed by Digi users soon.
Being part of the wider Axiata footprint, Boost is able to provide greater access to financing responsibly to these customer segments through its partnership with CelcomDigi, which enables Boost to access a wealth of data to pre-score customers.
Additionally, she emphasised that every step in developing the Beyond Card has been designed to ensure a transparent and secure user journey that helps customers manage their finances seamlessly and flexibly.
"We have clearly outlined upfront all the fees and repayment schedules, which helps our customers make informed decisions.
“We even provide frequent reminders to facilitate timely repayments. By implementing these practices, we can contribute to a more stable financial ecosystem, benefitting both consumers and the broader economy," she said.
Ungku Liza highlighted that: "For us, it is not merely ticking off a regulatory and compliance check box. It is about going back to the core vision and mission of Boost, which is to serve the underserved and drive greater financial inclusion.
“With our Beyond Card, not only will our customers have greater access to the financing that they need, but also enjoy premium and uniquely rewarding experiences."
In addition to providing the PayLater facility, the Beyond Card is also the first card in Southeast Asia to offer Mastercard Travel Rewards, which provides a wide range of deals spanning travel, shopping, culinary, entertainment, arts, culture, sports, wellness and more.
Some of the online shopping offers available are cashbacks for Lazada, Shopee, Zalora, Nike, Adidas, lulu lemon, Charles and Keith, Michael Kors, Swarovski and others.
There are also cashback offers for overseas travel, such as for stays at the Grand Hyatt Bali and the Hilton Canada, to name a few.
Furthermore, with every ringgit spent using the Beyond Card’s PayLater facility, users can earn up to three Boost Stars, which can be used to redeem additional savings and rewards on the BoostUP Rewards Catalogue.
For more information on the Beyond Card, please visit https://link.myboost.co/BeyondCard_15
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