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BUDGET 2020: What you need to know about e-wallets

BUDGET 2020: What you need to know about e-wallets

Hakim Hassan

Have you heard about or used e-wallets? 

It’s a trend which we are going toward nowadays as Malaysia pushes towards being a cashless society.

E-wallets are apps that essentially work like a regular wallet; a place to keep your money before using it to pay for goods and services.

Even the government is encouraging more of us to use it as the recent Budget allocated a one-time incentive of RM30 to qualified Malaysians aged 18 and above with an annual income of less than RM100,000.

So why the push to e-wallets?

It’s convenient

How many times have you been in a situation where you ran out of money and needed to queue up at the ATM? For us, it’s more than a few.

With e-wallets there’s a way to skip that and just pay for the items you want. All you have to do is put money in the app and use that to pay for your stuff at participating merchants.

In a growing number of locations, you can also pay for parking, so there’s no need to run back and forth to top up the meter or scratch the coupon.

Easier to pay bills and top up your phone

Paying bills can be a hassle where you have to go to different places or even jump on different websites to get it done, but with e-wallets, you don’t have to because everything can be done within the app itself.

Whether it’s your water or electric bills, or if you just want to top up the credit on your mobile phone, it’s possible with the e-wallet app.

If you’re feeling charitable

Did you know that you can also use e-wallets to make donations to many organisations and charities, whether it’s the National Cancer Council Malaysia, The Red Cross, even your local place of worship? 

The e-wallet allows for this as you can quickly transfer funds directly to your charity or organisation of choice.

Promos, promos, promos

By using e-wallets, not only can you spend without using your credit card and cash, but there’s often many promos in store for you the more you use the app.

But what if you’re a merchant, what kind of advantages are there for you?

It won’t break the bank

Well, if you’re someone who owns a shop and you’re selling goods to your customers, often times you have to invest in something like a point of sale (POS) system which can cost a bomb.

But you still need to keep track of the money coming in, so what do you do?

Luckily e-wallets are significantly cheaper – almost zero cost – as they can accept payments through smartphones compared to credit card terminals where businesses will need to absorb high merchant discount rate (MDR) charges.

Be seen by a lot of users

Sometimes it can be a bit difficult for you to advertise your store and going through traditional means like ads are often costly, but an ewallet app can highlight your store once you’ve signed up.

This makes it easier for users to spot, and shop at your store, making it easier for you to sell your stuff.

If you’re interested in riding the e-wallet wave now is a good time to check out Boost! 

It’s one of the largest e-wallet apps which has the widest coverage with 113,000 merchants and they also provide all these services plus more!

Also if you register and verify now, you will stand a chance to win the iPhone 11 Pro weekly

On top of that Boost is also running a 100% cashback campaign on reloads where two iPhone Pros are up for grabs every week whenever you use it to pay your bills!

Now is the best time for you to jump on the cashless revolution.


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