CJMY
Asian travellers visiting Malaysia and Malaysian residents travelling abroad will soon benefit from a streamlined digital payment experience, thanks to a recent Memorandum of Understanding (MOU) between Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group.
This collaboration aims to make cashless transactions more accessible for users of leading Asian e-wallets, using Alipay+‘s global cross-border digital payment platform. The partnership will enable the use of cashless payments across over 1.8 million Malaysian merchants through DuitNow QR, Malaysia’s National QR Standard.
Seamless cross-border payments with Alipay+
By the end of this year, travellers from Hong Kong SAR, Philippines, South Korea, Thailand, and other countries will be able to use their Asian e-wallets, such as AlipayHK, GCash, Kakao Pay, and TrueMoney, to make cashless payments in Malaysia by scanning the DuitNow QR code.
This collaboration aims to enhance the convenience of digital payments for both locals and tourists. DuitNow QR, operated by PayNet, facilitates real-time payments through a unified QR code, ensuring a seamless experience across participating banks and e-wallet operators.
Anticipating further growth, the partnership intends to expand the acceptance of Malaysian e-wallets by Alipay+ merchants globally by 2024, fostering international financial inclusivity.
Digital marketing synergy
Beyond payment solutions, Ant Group and PayNet will also embark on joint digital marketing ventures to enhance business visibility within users’ e-wallets. This collaborative effort aims to elevate the travel and payment experience by providing information and offers to users directly through their e-wallets.
Gary Yeoh, Chief Commercial Officer of PayNet, highlighted the timeliness of this partnership as travel resumes, expressing confidence in meeting the needs of both consumers and merchants seeking seamless cross-border payments and competitive exchange rates.
The partnership between Alipay+ and PayNet emerges as a significant step towards merging digital payments with travel convenience. As Malaysia witnesses a resurgence in tourism, businesses are adapting to the digital payment trend to cater to visitors’ preferences.
With QR code payments expected to grow significantly in Southeast Asia, this collaboration aligns with evolving consumer habits. Dr Cherry Huang, General Manager of Alipay+ Offline Merchant Services, emphasized the goal of offering simpler, hassle-free travel experiences while empowering local businesses.
This collaboration reflects the broad reach of Alipay+, accepted in various destinations, including the Chinese mainland, Macao SAR, Singapore, Thailand, Japan, and South Korea. PayNet’s success in cross-border collaborations adds to the growing network of digital payments customers in the ASEAN region. The partnership underscores the pivotal role of technology in shaping modern travel and commerce, enabling seamless transactions across borders.
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