Boost, CelcomDigi unveil Malaysia's first global prepaid card with paylater in collaboration with MasterCard
By Digital News Asia October 6, 2023
- First card in M’sia & SEA to provide Mastercard Travel Rewards
- Users can access funds from their Boost wallet, utilise pre-approved credit line
[Ed: Boost was misspelt in an earlier version of the headline. The error is regretted.]
Boost and CelcomDigi have unveiled the Beyond Card, a two-in-one international card in Malaysia, powered by the Mastercard network.
In a statement, the regional fintech leader said this innovative card allows users to access funds from their Boost wallet balance and utilise a pre-approved credit line, a first-of-its-kind feature in Malaysia, and it's accepted at over 100 million Mastercard merchants globally.
It added that starting from Oct 9, select customers can apply for the Beyond Card, with exclusive access initially available to Celcom users via the Boost app, followed by Digi users in due course.
According to Boost, the Beyond Card provides shariah-compliant flexible payments through a responsible credit facility, utilising robust scoring techniques to ensure that individuals offered a credit line possess the ability to repay. Additionally, the card is designed to bridge financial inclusion gaps, catering to customers without cards or those with basic ones, offering them a premium banking experience.
Additionally, it is the first card in Malaysia and Southeast Asia to provide Mastercard Travel Rewards, offering benefits such as 12% Cashback from Lazada, 15% off MAS flight bookings, along with up to 10% savings, complimentary gifts, and 10% tax-free shopping at Mitsui Outlet Park.
Sheyantha Abeykoon (pic above, centre), group CEO of Boost, said “It gives me great privilege to be able to launch a first in the market product together with our sister company CelcomDigi and be able to provide a tier 1 card experience to a large segment of our combined customer base.”
Sheyantha expressed the privilege of launching this innovative product in collaboration with CelcomDigi and providing a top-tier card experience to their extensive customer base.
"This product launch represents a successful fusion of inclusive financial innovation, harnessing the synergistic value created by two prominent Malaysian companies within the Axiata Group. It also serves to reinforce our partnership with Mastercard, united by a shared mission of introducing fresh innovations to the financial landscape in Malaysia," he further emphasised.
T Kugan (pic, left), Chief Innovation Officer of CelcomDigi, highlighted that this partnership is a pivotal step towards financial inclusivity and convenience, aligning with the evolving digital-first approach of Malaysian consumers for various aspects of their daily lives.
“We remain committed to collaborate with industry leaders and drive digital innovation across Malaysia's digital ecosystem, further supporting the nation’s digital agenda," he added.
Beena Pothen, country manager, Malaysia & Brunei, Mastercard, emphasised that the Beyond Card provides Malaysians with an unparalleled travel experience encompassing culinary, shopping, entertainment and more. Research from the Mastercard Economics Institute underscores the value people place on experiences over things, therefore, making the integration of the Mastercard Travel Rewards a natural fit with this trend.”
“The partnership with Boost and CelcomDigi is a significant milestone in the industry, reflecting the joint dedication to prioritising consumers' passions, especially where travel is concerned," she added.
The Beyond Card features a built-in shariah-compliant PayLater option, known as Boost PayFlex, enabling users to extend payments over 3-month installments. Additionally, users can earn up to 3x Boost Stars for every ringgit spent through Boost PayFlexTM, which can be redeemed for savings and discounts within the BoostUP Loyalty Programme.
No fees are applied for local and direct deductions with the Beyond Card. Boost ensures each transaction is password-protected, and users can freeze the card instantly in case of emergencies. To apply for the Beyond Card, qualified Celcom customers can download the Boost app and create a Premium Wallet account for free. They can then tap the ‘Beyond Card’ button on the app's homepage and complete the necessary application process. Upon successful pre-approval, users will immediately receive their virtual card on the app for online transactions.
For offline use, users can request a physical card for US$4.20 (RM20), covering delivery and SST charges. In return for completing the physical card application, users can redeem rewards worth up to US$21 (RM100), including discount vouchers from Lazada, Agoda, Gong Cha, Google Play Store, Viu, The Alley, and more.
To learn more about the Beyond Card, please visit: Boost Beyond Card
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