CJMY
Payments Network Malaysia Sdn Bhd (PayNet), the national retail payments infrastructure provider of Malaysia, in partnership with UnionPay International (UPI), has announced the official launch of cross-border inter-operable QR Payments between Malaysia and China.
This initiative provides an early boost to the Malaysian government’s “Visit Malaysia Year 2026” campaign, promoting tourism and economic growth.
Paynet: A new era of cross-border payments
UnionPay QR users from China can now experience the convenience of using PayNet’s DuitNow QR to make payments at over 1.8 million DuitNow QR acceptance points across Malaysia. This cross-border partnership enhances the payment experience for Chinese visitors in Malaysia while also offering numerous opportunities for Malaysians traveling to China.
Group CEO of PayNet, Farhan Ahmad, highlighted the robust trade and tourism relations between Malaysia and China. With a substantial contribution from the tourism sector to Malaysia’s economic growth, this cross-border payment solution aims to simplify and enhance the experience for Chinese tourists, further driving tourism in Malaysia.
“In 2024, PayNet plans to continue to establish more cross-border linkages so that visitors to and from Malaysia can enjoy superior travels with an instant, cost-efficient payment experience across travel corridors,” Farhan added.
DuitNow QR – A national standard
PayNet’s DuitNow QR represents Malaysia’s Inter-Operable National QR Standard. This system enables merchants to accept real-time payments from customers using participating banks and major e-wallet operators via a unified QR code.
The DuitNow QR is widely accepted at over 1.8 million merchant acceptance points, allowing businesses to receive payments via various participating banks and e-wallets, promoting ease and convenience.
Visitors from neighbouring countries such as Thailand, Indonesia, and Singapore can utilise DuitNow QR to make payments through their respective PromptPay, QRIS, and NETS QR codes. PayNet has an ambitious plan to establish more cross-border linkages, potentially making Malaysia a leading destination for seamless cross-border payments.
UnionPay, with acceptance in 180 countries and millions of merchants worldwide, including over 16 million supporting QR code or QuickPass payments, plays a pivotal role in this initiative.
UnionPay International’s reach extends to over 170 wallets across more than 30 countries and regions, offering localisation support for businesses. The collaboration is set to expand, with over 200 overseas wallets and more than 600 million potential users anticipated by the year-end.
The partnership between PayNet and UnionPay International signifies a significant milestone in enhancing cross-border payment solutions between Malaysia and China. This initiative promises to make transactions more convenient and accessible for visitors from both countries, contributing to the success of Visit Malaysia Year 2026 while strengthening trade and tourism ties.
