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eCommerce Platformīoost aims to become a platform where more SMEs can be exposed to the digital economy. Similar to other providers, it is likely that users will have to pay a withdrawal fee. Instead, they launched a co-branded credit card with Maybank, which just provides another way to collect Grab points.Ī Boost prepaid card would also allow its users to withdraw money from an ATM. Grab has a prepaid card offering in Singapore and the Philippines but wasn’t offered in Malaysia. Touch ‘n Go (TnG) has also announced a prepaid card in collaboration with Visa that will be coming in 2022. U Mobile’s GoPayz eWallet, also offers prepaid cards issued by UnionPay, Visa and Mastercard. Maybank’s MAE eWallet, and AirAsia’s BigPay come with a linked prepaid cards. Now, Boost is not the only eWallet service that will be offering a prepaid card. Therefore, giving Boost users the option to pay at more merchants worldwide where card payments are accepted. Boost is targeting the 65% of their users who don’t own credit cards as potential customers for their prepaid card.
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Boost Prepaid Cardīoost announced a partnership with Mastercard in December of 2021 to offer a prepaid card, linked to your Boost eWallet that is set to launch in some time in 2022. They are saving all details for when they have everything sorted out.
#Boost ewallet license#
Now since the license is still pending approval by Bank Negara, Boost did not elaborate much on features and services that will be offered by their Digital Bank. RHB Bank will be an equity partner, owning 40% stake in the digital bank, while the rest will be owned by Boost. Unfortunately, the feature was been removed in mid-2020 due to fraud and scam concerns.īoost will not be starting from scratch as they will have a good foundation to build upon. This would be a significant advantage as eWallets do not allow cash out, and transfers are mostly limited within the same eWallet network.īoost initially allowed its users to cash out to bank accounts with a fee and it was the only provider among the top 3 eWallets to do so. Regular Boost eWallet users will be able to enjoy similar features as an online bank account which allows easy withdrawals and instant transfers to other bank accounts. This could especially benefit merchants on Boost Biz as they will be able to deposit their transaction directly into their Boost bank account eliminating the waiting time to cash out from the merchant platform to an external bank.