Following the shutdown of WeChat Pay Malaysia, a Tencent spokesperson revealed that the company will be focusing on RMB-denominated cross-border payments. While Malaysian users can still use the same WeChat app to make cashless payments in China using their credit/debit card-linked RMB-based Weixin Pay, the Chinese tech company revealed that they are planning to work with Malaysian eWallet players to enable cross-border QR payments.
This would allow Malaysians to use their Malaysian (MYR) based eWallet app to make cashless payments at Weixin Pay merchants in Mainland China.
In a statement, Tencent said, “WeChat Pay Malaysia is a Malaysian Ringgit-denominated local eWallet. With the adjustment of business strategy, we will focus on RMB-denominated cross-border payments in Malaysia and continue to assist Malaysian businesses to tap into this fast-growing and dynamic market by enabling them to receive safe, secure, and convenient payments from Chinese visitors through Weixin Pay(or known as WeChat Pay). We are also planning to work with local Malaysian eWallets to enable cross-border QR payment interoperability for Malaysian travellers to China. We are working closely with all stakeholders to ensure a seamless and orderly transition.”
Tencent has yet to reveal its cross-border eWallet partners in Malaysia.
At the moment, Touch ‘n Go eWallet is the largest eWallet in Malaysia with the widest cross-border QR support through the Alipay+ network. TNG eWallet is currently accepted by over 10 million Alipay merchants in mainland China, as well as over 2 million merchants in Japan.
More Malaysian eWallets will soon be able to enjoy seamless QR payments in Mainland China as PayNet and Ant Group have signed a cross-border QR partnership in August 2023. In the first phase, DuitNow QR merchants in Malaysia can start accepting QR payments from foreign Alipay+ eWallet. This is followed by the next phase which enables cross-border QR support for Malaysian eWallets to conduct QR transactions with Alipay+-supported merchants worldwide
In November, Maybank announced that MAE could support Alipay QR payments in mainland China in November 2023.
