Travelers From 7 Countries Can Now Use Their Alipay-Supported E-Wallets in Malaysiaby Fintech News Malaysia November 8, 2023 0 comments
Travelers from eight countries can now use Alipay+ supported e-wallets to make digital payments in Malaysia by scanning PayNet’s DuitNow QR at over 1.8 million merchants nationwide.
Effective 31 October 2023, travelers with the following Alipay+ supported wallets can make cashless transactions in Malaysia; Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand).
More Alipay+ payment partners are expected to join the network soon. Additionally, DuitNow QR users in Malaysia will be able to make payments at Alipay+ global merchants starting in 2024.
This collaboration aims to go beyond payment connectivity to include joint digital marketing initiatives and a marketing travel solution powered by Alipay+, which will provide international travelers with rewards and discounts at participating merchants.
The Alipay+ merchant ecosystem includes tens of millions of merchants in over 50 markets. The collaboration was formalised through a Memorandum of Understanding (MOU) signed in August 2023 between Ant Group and PayNet.
Farhan Ahmad, Group CEO of PayNet said,
“With this collaboration with Ant Group, I am seeing a new Silk Route emerging; one that is powered by cross-border payment interoperability. Businesses in the DuitNow QR ecosystem can immediately access travellers from eight more countries in an efficient, seamless, and secure way, bolstering trade and commerce. It could not have materialised at a better time.
The Malaysian tourism industry is back on a steady growth path and will be further energized by Visit Malaysia Year in 2026. Collectively, these linkages will connect economies that contribute over two-thirds to global GDP growth and home to over 60% of the world’s population whose median age is younger than global average. At this rate, we may very well see ASEAN+3 economic integration sooner than we think.”
Douglas Feagin, Senior Vice President of Ant Group and Head of Alipay+ Cross-Border Mobile Payment Services added,
“A recent report we commissioned found that intra Asia cross-border travel and payments will accelerate over the next few years, with average consumer spending almost doubling from 2016-2025.
This growth reinforces the need to better connect local merchants with international visitors through payments, marketing and other digital services to not only enhance the travel experience, but also boost the local tourism ecosystem in Malaysia.”