KUALA LUMPUR: Regional fintech company Boost has extended its Shariah-compliant PayLater solution, Boost PayFlexTM, to include QR code payments as well as all in-app transactions.
Pre-scored Boost app users who have Premium Wallet accounts can access a restricted credit line that complies with Shariah, enabling them to top up their Boost wallet balance for PayLater transactions up to three-month instalments at 1.8 million DuitNow QR merchants.
As a regulated player in the market, Boost provides responsible credit facilities that are transparently designed to meet each customer's unique needs and are compliant with Shariah.
The 30-day option has a one-time wakalah fee of up to RM10 per transaction with no profit rate, and the three-month installment plan has a flat wakalah fee of RM10 per transaction plus a monthly profit rate of 2.5 percent.
Additionally, users will receive advance notice and regular reminders regarding the repayment period and the one percent annual late payment penalty.
Sheyantha Abeykoon, the group chief executive officer of Boost, said that the company is unwavering in its resolve to leverage our strong fintech ecosystem to address genuine market demands and promote greater financial inclusion.
"Having successfully taken up the mantle of serving MSMEs through our AI-based micro-financing business, we are now further expanding this valuable financing facility to a wider base of consumers so that everyday Malaysians have greater financial flexibility," he said.
Users who wish to use Boost PayFlexTM for e-KYC authentication can do so for free by upgrading to Boost's Premium Wallet account.
For every ringgit spent, users can view their credit line, keep track of outstanding bills, and accrue up to three Boost Stars, which can be exchanged for more discounts and benefits.
