Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group today launched their cross-border digital payment collaboration to enable travellers from eight countries to use PayNet’s DuitNow QR in Malaysia, further boosting international tourism and trade among these countries.
Paynet said that with this collaboration, travellers with Alipay+ supported wallets from Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (Japan), Toss Pay (South Korea), and TrueMoney (Thailand), can now use their respective e-wallets in Malaysia and make digital payments by scanning PayNet’s DuitNow QR.
Currently, there are over 1.8 million merchant touchpoints throughout the country that use DuitNow QR.
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 in Malaysia, as well as in other connected countries, with a single unified QR code.
PayNet says more Alipay+ payment partners are in the pipeline and will be progressively enabled in Malaysia.
Malaysians can pay at Alipay+ global merchants by 2024 onwards
Additionally, DuitNow QR users in Malaysia will be able to make payments at Alipay+ global merchants which is used by tens of millions of merchants in more than 50 markets from 2024 onwards.
The collaboration was signified by a Memorandum of Understanding (MOU) signed in August this year between Ant Group, operator of Alipay+ and PayNet, operator of DuitNow QR.
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. This collaboration could not have materialized 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.
PayNet Group CEO Farhan Ahmad
He added that collectively, these linkages will connect economies that contribute over two-thirds to global GDP growth and are home to over 60% of the world’s population whose median age is younger than the global average.
At this rate, we may very well see ASEAN+3 economic integration sooner than we think.
PayNet Group CEO Farhan Ahmad
Meanwhile, Ant Group Senior Vice President and Head of Alipay+ Cross-Border Mobile Payment Services Douglas Feagin says that the collaboration with PayNet will make digital payments in Malaysia more convenient for users.
He cited a recent report which says that intra-Asia cross-border travel and payments will accelerate over the next few years, with average consumer spending almost doubling from 2016 to 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.
Ant Group Senior Vice President and Head of Alipay+ Cross-Border Mobile Payment Services Douglas Feagin
Paynet says the collaboration will go beyond connectivity to encompass joint digital marketing initiatives, with an aim to enhance the visibility of merchants’ businesses.
Both parties will also collaborate on 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 within PayNet’s DuitNow merchants’ ecosystem.
