Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group have recently signed an MoU that will soon enable cross-border payment acceptance between DuitNow QR and Alipay+ networks. This means Asian travellers with Alipay+ supported eWallets can enjoy seamless payments at DuitNow QR merchants, while Malaysian eWallet users can spend overseas at Alipay+ merchants.
According to the joint statement, users of 5 leading Alipay+ supported Asian eWallets which include AlipayHK (Hong Kong), GCash (Philippines), Kakao Pay (South Korea) and TrueMoney (Thailand) will be able to make cashless payments when they travel to Malaysia by scanning the DuitNow QR code. This cross-border linkage will be enabled by the end of this year and more eWallets are expected to join the cross-border payment arrangement in the coming months.
Under the partnership, all Malaysian eWallets supported by PayNet will also be accepted by the Alipay+ merchant network globally in 2024. Beyond payments, Ant Group and PayNet will also collaborate on joint digital marketing efforts to increase the visibility of businesses directly within the users’ eWallet.
Commenting on the collaboration, PayNet Chief Commercial Officer, Gary Yeoh said “This partnership between PayNet and Alipay+ is forged at a vital time when overseas travel and tourism have fully resumed, and rapidly increasing. Consumers and merchants in both countries who are already accustomed to digital payments expect the same seamless and hassle-free experience when travelling overseas. They also expect this to be conducted at competitive exchange rates. This collaboration will address both these needs. Since Malaysia has long been a favourite and popular destination with Asian tourists, and vice-versa, this collaboration will likely result in higher trade growth between the two nations. We do see the proliferation of seamless international payments at scale sooner than we think. It is just a matter of time.”
Meanwhile, Ant Group General Manager of Alipay+ Offline Merchant Services, Dr Cherry Huang said “Alipay+’s collaboration with PayNet is a significant development for regional travellers. We are jointly making efforts to bring local businesses and international visitors closer together, offering not just convenience to tourists but greater opportunities and visibility for Malaysian businesses. Travellers today have greater expectations when they travel, particularly the use of digital solutions to enhance their experience. They want it to be simpler, with less complexity and less hassle, and in working with our local partners, this is exactly what we want to achieve – personalised, seamless and borderless experiences.”
The latest collaboration will expand the reach of DuitNow QR after it enables cross-border payments with Thailand, Indonesia and Singapore. Meanwhile, Alipay+ has a global reach which is widely accepted in more countries including mainland China, Macao SAR, Singapore, Thailand, Japan and South Korea.
At the moment, Touch ‘n Go eWallet supports both DuitNow QR and Alipay+. It is also the first eWallet to support QR payments in mainland China and most recently, the eWallet is also accepted by over 10 million Alipay merchants in China.
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