Payments Network Malaysia (PayNet) and Ant Group have launched their cross-border digital payments collaboration enabling travellers with Alipay+ supported wallets from seven countries to use PayNet’s DuitNow QR in Malaysia.
These include Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (the Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand).
DuitNow QR is the National QR Standard operated by PayNet, which enables participating merchants to accept real-time payments from customers of participating banks and e-wallets, as well as other connected countries with a single unified QR code.
With this partnership, travellers can now make digital payments by scanning PayNet’s DuitNow QR at its network of over 1.8 million merchants touch points throughout the country.
Both parties will also collaborate through a marketing travel solution powered by Alipay+, for improved customer engagement, where international travellers using Alipay+ supported e-wallets’ can earn reward points or receive discounts and benefits at PayNet’s DuitNow QR merchants’ ecosystem.
More Alipay+ payment partners are also in the pipeline and will progressively be enabled in Malaysia.
In addition, DuitNow QR users in Malaysia will soon be able to make payment at Alipay+ global merchants from 2024.
“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,” said Farhan Ahmad, CEO, PayNet.
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 – 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.”