Boost has recently revealed that it is now part of the PayNet Real-Time Retail Payments Platform and has also integrated the DuitNow QR which is the national QR standard under the Bank Negara Malaysia’s (BNM) Interoperable Credit Transfer Framework (ICTF).
In effect, Boost merchants are now able to accept cashless and contactless payments from users of any participating bank and e-wallets in the DuitNow ecosystem. At the same time, Boost users can now use the app to pay any merchant that supports DuitNow QR.
In fact, the integration of the national QR standard has allowed the e-wallet service to increase its merchant base to more than 231,000. Boost has stated that close to 60 per cent of its merchants consist of micro-enterprises and traditional cash-based merchants such as mom-and-pop shops, hawker stalls, and pasar malam vendors.
The remaining 40% include well-known household brands in the retail sector. In a way, the move to adopt DuitNow QR will likely provide added convenience for almost nine million users who have signed up with Boost since its debut in October 2017.
In general, Boost follows in the footsteps of the ShopeePay e-wallet, which embraced DuitNow QR back in December last year as well as Touch ‘n Go Wallet that made a similar move earlier this month. Aside from these three e-wallets, 26 banks have also integrated DuitNow QR into their operations.