Boost is expanding their Buy Now Pay Later (BNPL) offering, Boost PayFlex, to now cover all in-app transactions which now includes DuitNow QR code payments too. The Shariah-compliant BNPL offering will allow pre-scored Boost users who have upgraded to the Premium Wallet account wider access to a controlled credit line.
According to Boost, this credit line can be used to stretch your payments into three-month instalment payments for in-store purchases at over 1.8million DuitNow QR merchants nationwide. This is along with the top-up of Boost eWallet balance that you can use for PayLater options on other in-app transactions such as paying off bills, online shopping, food delivery and more.
Boost says that they have ensured its credit facility is being offered in a responsible manner with personalised credit line to suit each user’s individual affordability assessment. As it is also Shariah-compliant based on the concept of Commodity Murabahah, Boost says that its PayFlex offering has been designed to clearly and transparently outline all of its chargers upfront. For instance, there’s a RM10 flat wakalah fee per transaction and a 2.5% profit rate per month for three-month instalment plans, and a one-time wakalah fee of up to RM10 with no profit rate if you use the 30-day option instead. Late payment charges of 1% per annum will also be applied.
“Every step in developing Boost PayFlex TM has been meticulously guided by our commitment to empower users to take charge of their spending and manage their finances seamlessly.
The controlled credit line of Boost PayFlex TM is offered responsibly, customised to what each user can reasonably afford, which safeguards customers, while also providing them with extensive accessibility to flexible payments nationwide, both online and in-store, on our all-in-one fintech app. Our goal is to further accelerate greater financial inclusion through responsible financing,” – Karthik Bhaskaran, Boost Chief Product & Innovation Officer
To use Boost PayFlex, you’ll first need to upgrade to the Boost Premium Wallet for free. Once you’ve done that, you’ll then need to go through a couple more steps to activate PayFlex, which includes agreeing to the terms and conditions as stated in a detailed contract, as well as agreeing to pre-authorised payment methods. You’ll then be able to see and use the line of credit on the Boost PayFlex page, which covers all pending expenses and repayment schedules in real time.
Furthermore, for every ringgit spent via Boost PayFlex, the eWallet is offering users up to 3 Boost Stars depending on your BoostUP rank. You’ll be able to use these Boost Stars to redeem rewards and other additional savings via the BoostUP Loyalty Program, which includes ‘Pay With Stars’ direct discounts, cash vouchers and more. For more information on Boost PayFlex, you can visit their website here.
