China’s digital financial giant Ant Group recently signed an MOU with Payments Network Malaysia (PayNet) to enable Malaysians to pay with their e-wallet overseas.
According to the company, the partnership will allow those travelling abroad to use e-wallets supported by PayNet to pay Alipay+ merchants globally in 2024.
Meanwhile, Asian travellers coming into the country will be able to use cashless payments at 1.8 million merchants in the country when they travel to Malaysia by scanning DuitNow QR.
Here are the e-wallets that can be used here in Malaysia:
- AlipayHK (Hong Kong SAR)
- GCash (Philippines)
- Kakao Pay (South Korea)
- TrueMoney (Thailand)
The company says that more e-wallets are expected to join in the coming months.
A collaboration that benefits both parties
Besides Malaysia, Alipay+ is also widely accepted in destinations including the Chinese mainland, Macao SAR, Singapore, Thailand, Japan and South Korea among others.
Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach more than 1 billion regional and global consumers.
As for PayNet, this would be yet another cross-border collaboration after Thailand, Indonesia, and Singapore which is a sizeable portion of digital payment customers in ASEAN—one of the most active digital payment markets in the world.
Not just for consumers
Beyond payments, Ant Group and PayNet will also collaborate on joint digital marketing efforts to enhance the visibility of businesses directly within the users’ e-wallets.
This partnership between PayNet and Alipay+ is forged at a vital time when overseas travel and tourism have fully resumed, and rapidly increasing. Consumers and merchants in both countries who are already accustomed to digital payments expect the same seamless and hassle-free experience when travelling overseas. They also expect this to be conducted at competitive exchange rates.
PayNet Chief Commercial Officer Gary Yeoh
Paynet’s Chief Commercial Officer Gary Yeoh also said this collaboration will address both these needs.
Since Malaysia has long been a favourite and popular destination with Asian tourists, and vice-versa, this collaboration will likely result in higher trade growth between the two nations. We do see the proliferation of seamless international payments at scale sooner than we think. It is just a matter of time.
PayNet Chief Commercial Officer Gary Yeoh
Just in time
The collaboration comes amidst travel recovery to Malaysia, with 4.5 million tourist arrivals in the first quarter of 2023, with most coming from ASEAN countries the country is expected to achieve its target of 16.1 million tourist arrivals in 2023 and generate more than RM49 billion in tourism revenue.
As travel rebounds, the Ant Group sees that it is vital for businesses to adapt to new digital habits, particularly the acceptance of localised digital payment options like e-wallets, which has become the norm for day-to-day transactions.
They said that Southeast Asian users will continue to drive the use of QR code payments, which is expected to grow 590% by 2028 while other Asian countries like South Korea will also see accelerated adoption.
Alipay+’s collaboration with PayNet is a significant development for regional travellers. We are jointly making efforts to bring local businesses and international visitors closer together, offering not just convenience to tourists but greater opportunities and visibility for Malaysian businesses.
Ant Group General Manager of Alipay+ Offline Merchant Services Dr Cherry Huang
Ant Group General Manager of Alipay+ Offline Merchant Services Dr Cherry Huang added travellers today have greater expectations when they travel, particularly the use of digital solutions to enhance their experience.
They want it to be simpler, with less complexity and less hassle, and in working with our local partners, this is exactly what we want to achieve – personalised, seamless and borderless experiences.
Ant Group General Manager of Alipay+ Offline Merchant Services Dr Cherry Huang
