Boost goes physical, partners Mastercard to soon launch prepaid card in Indonesia & Malaysia

• Mastercard prepaid card to complement current offerings by Boost Life
• Partnership will see launch of SME financial products in Malaysia, Indonesia

Mastercard and Boost have embarked on a strategic partnership to provide a range of innovative payment solutions and offerings to deliver more choice, convenience, and security to Malaysian and Indonesian consumers.

In a statement, the fintech arm of Axiata Digital said one of the first products in the pipeline will be a Mastercard prepaid card that will complement the current offerings by Boost Life, its e-wallet business. 

A principal aim of the Boost Mastercard prepaid card is to allow Boost consumers to make seamless, safe and convenient payments in Malaysia, Indonesia, and globally where Mastercard is accepted, it said.

The partnership also envisages the launch of SME financial products to expand the services currently offered to small micro merchants through the Boost Biz and Boost Credit platforms in both countries, the company said.

Additionally, Boost will also tap onto Mastercard’s technology to expand and strengthen its fintech and payment offerings in the South Asian region, and will support its processing capabilities, payment gateways, and automation efforts, it added.

“As a leading fintech player, we are pleased to enter into a multi-faceted partnership with Mastercard in the markets we operate in,” said Sheyantha Abeykoon (pic, left), CEO of Boost.

“Drawing on Mastercard’s global expertise and technology, and coupled with our wide spectrum of fintech solutions, we are excited to reimagine what’s possible for our local and regional customers and merchants as we navigate a rapidly changing digital landscape,” he said.

“As we collectively work towards creating more cashless, and digitally inclusive economies, partnerships at all levels of the ecosystem will be necessary to ensure that we reach as many people as possible,” said Safdar Khan (pic, right), division president, Southeast Asia Emerging Markets, Mastercard. 

“We are delighted to partner Boost to help bolster their existing range of products and services that aims to help include more individuals to connect with the right digital tools, whilst also advancing both Malaysia and Indonesia’s growing digital economy,” he said.

The companies said Covid-19 has heightened the demand for cashless payments all around the world.

According to the Mastercard New Payments Index, 94% of consumers in Asia Pacific have indicated they will consider using at least one emerging payment method this year.

This includes digital wallets or mobile wallets, contactless, QR codes, instalment plans, cryptocurrencies, biometrics, among others, the report noted.

The demand suggests that the pandemic has accelerated previously existing trends towards more digital shopping and payment methods, the survey indicated.

Boost Holdings was rebranded to Boost in June this year, unifying all fintech services that span payment services, alternative lending, digital insurance, content services and merchant solutions under one roof.

Through this partnership, Mastercard will support the growth and reach of Boost’s fintech services in Malaysia, Indonesia and across the region.