BoostBills recognized as a market-leading Fintech innovation that simplifies bill payments – TRP
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Boost, the fintech arm of Axiata, recently received market validation for its game-changing BoostBills feature. After winning the Digital-Financial Technology trophy at the Malaysia Technology Excellence Awards 2023, BoostBills has been recognized as the most comprehensive and unique one-stop bill management and payment solution in the local market.
The prestigious award recognizes the leading disruptors and pioneers in the vibrant local technology industry. Boost emerged as one of the winners after undergoing thorough scrutiny by an esteemed panel of judges, comprising senior consulting experts organized by the Asian Business Review. The case study conducted on BoostBills clearly showed how Boost successfully solved pain points and met increasing demands to simplify bills.
Gap in the market
In Malaysia, industry research identified that more than 30% of locals have not paid their bills on time and over 40% of Malaysians admitted that financial stress had taken a toll on their mental health. This is no surprise, considering that energy and telecommunications bills represent some of the biggest expenses of the average household.
After witnessing a gap in the local market, Boost set out to find specific pain points faced by conducting a survey that received thousands of respondents. It found that over 30% struggled to keep track of various bill amounts and due dates, over 30% wanted to pay multiple bills at the same time, with almost 70% helping to manage bills for relatives as well.
Boost paves the way
Based on the insights found, Boost was inspired to pioneer bills with its own BoostBills feature on its all-in-one fintech app, which has over 10 million users. Launched in 2017 and continually upgraded with cutting-edge innovation since then, BoostBills today uniquely offers a comprehensive suite of features for a stress-free environment to manage and pay bills.
One of the most convenient features that BoostBills offers is the consolidated dashboard. This helps users reduce mental stress by tracking all outstanding fees and due dates in a single view, even for other dependents. Through its deep integration with more than 50 billers, users can get real-time updates for all their bills, ranging from household utilities, telecommunications, loans, local council and more. This eliminates the need to enter and remember account details for different invoice issuers each time.
BoostBills also offers a one-tap feature to pay multiple bills at once. By efficiently settling all outstanding fees at once, as well as reducing the number of payment gateways and transaction authorization codes (TAC) required, it helps users save time. Furthermore, BoostBills’ automated recurring payments eliminate the need to manually pay bills each month, even when the amount varies monthly, such as for electricity, water, internet and telecommunications bills. This is combined with an automated wallet top-up feature that prevents recurring payment disruptions.
Besides convenience, BoostBills users also enjoy a rewarding experience via the BoostUP loyalty program and Boost Missions. With every ringgit spent, users earn Boost Stars, which can be used to redeem additional savings and rewards. For example, the Pay With Stars feature helps ease financial burdens, up to RM10 off each bill, using Boost Stars for direct cash rebates. In addition, pre-scored BoostBills users will also have the option of using Boost PayLater, a sustainable syariah-compliant line of credit, which provides greater cash flow flexibility.
Unstoppable growth and innovation
As of 2022, BoostBills had accumulated millions of highly engaged users, 95% of which are existing users, indicating high levels of product stickiness. It maintained a near-perfect 4.4 out of 5 approval rating from satisfied users as well. In terms of business performance, BoostBills saw nearly 3 billion Boost Stars redeemed for Pay With Stars. Multi-million ringgit credits were also disbursed through Boost PayLater, while maintaining a healthy single-digit non-performing loan (NPL) ratio. In 2022, it all culminated with BoostBills recording a 20% year-over-year revenue increase.
These metrics provide insight into how Boost is an award-winning, full-spectrum regional fintech player in the industry – one that will continue to pioneer innovations throughout its holistic fintech ecosystem. With its ecosystem spanning fintech app, merchant solutions, AI-based microfinance business and cross-border payment platform, Boost remains steadfast in financially empowering customers to be unstoppable.
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