Alipay+ Partners With PayNet to Promote Seamless Payment for Inbound and Outbound Malaysian Travellers
More Asian travellers to Malaysia will enjoy a seamless digital payment experience at over 1.8 million merchants across the country while Malaysian residents will be able to pay with e-wallets of their home country abroad, thanks to a MOU signed recently between Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230829007258/en/
The partnership will expand cross-border payments acceptance at 1.8 million merchants in Malaysia with five leading Asian e-wallets as the first batch, and more to come in the following months. (Photo: Business Wire)
By the end of this year, users of five leading Asian e-wallets, including AlipayHK (Hong Kong SAR), GCash (Philippines), Kakao Pay (South Korea) and TrueMoney (Thailand), will be able to use cashless payments when they travel to Malaysia with Alipay+, the global cross-border digital payments and marketing solutions operated by Ant Group, by scanning DuitNow QR. More e-wallets are expected to join in the coming months.
DuitNow QR is Malaysia's National QR Standard operated by PayNet that allows merchants to accept real-time payments from customers of different participating banks and e-wallet operators using a unified QR code.
The partnership will enable all Malaysian e-wallets supported by PayNet to be accepted by Alipay+ merchants network globally in 2024.
Beyond payments, Ant Group and PayNet will also collaborate on joint digital marketing efforts to enhance visibility of businesses directly within the users’ e-wallets.
Gary Yeoh, Chief Commercial Officer of PayNet, said: "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. 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."
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. Malaysia is expected to achieve its target of 16.1 million tourist arrivals in 2023 and generate more than RM49 billion in tourism revenue1. As travel rebounds, 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. Southeast Asian users will continue to drive the use of QR code payments, which is expected to grow 590% by 20282. Other Asian countries like South Korea will also see accelerated adoption3.
Dr Cherry Huang, General Manager of Alipay+ Offline Merchant Services, Ant Group , said: “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. 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.”
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, through one-time integration and simple technical adaption. In addition to Malaysia, Alipay+ is also widely accepted in destinations including the Chinese mainland, Macao SAR, Singapore, Thailand, Japan and South Korea among others.
As for PayNet, this would be yet another successful cross-border collaboration after Thailand, Indonesia, and Singapore. These interlinkages connect a sizeable portion of digital payments customers in ASEAN, which is one of the most active digital payments markets in the world.
Payments Network Malaysia (PayNet) is the national payments network and central financial infrastructure for Malaysia with the vision to empower Malaysia's digital economy. Our extensive retail payments suite, DuitNow (QR and P2P), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS (ATM), and IBG (Interbank GIRO) has near ubiquitous coverage across the nation and is part of the daily fabric of life in Malaysia. In addition, PayNet’s real time retail QR payments network, DuitNow, is also interoperable with domestic schemes in Singapore, Thailand, and Indonesia to enable seamless cross-border transactions with those countries.
PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia, and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses.
For more information, please visit www.paynet.my.
Learn more at: https://paynet.my/about-paynet.html
Learn more at: https://www.duitnow.my/index.html
About Ant Group
Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry. It strives to enable all consumers and small and micro businesses to have equal access to financial and other services that are inclusive, green and sustainable.
Ant Group is the owner and operator of Alipay, the leading digital payment platform in China serving hundreds of millions of users, and connecting them with merchants and partner financial institutions that offer inclusive financial services and digital daily life services such as food delivery, transport, entertainment, and healthcare.
Ant Group has further introduced Alipay+, which provides global cross-border mobile payments and marketing solutions that connect merchant partners, especially small and medium-sized businesses, with mobile payments and other payment methods, for them to better serve their users and customers from all over the world.
Alipay+ offers unified global mobile payment and marketing solutions that connect merchants with multiple e-wallets and payment methods from different countries and regions by collaborating with global partners. Consumers can conveniently use their preferred local payment methods while transacting seamlessly in a different market and be able to enjoy marketing offers by the merchants through Alipay+. Alipay+ is developed by Ant Group, the owner and operator of Alipay, one of the world’s leading digital open platforms.
Malay Mail (22 June):
Malaysia records 4.5 million tourists in 2023 Q1
2 Juniper Research: QR code payments forecast to grow over 590& in leading Southeast Asian market by 2028, spurred by pan-Asian interoperability
3 The Business Times: One in two people to use mobile wallets by 2025, led by Southeast Asia
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
SEA PR, Ant Group
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Battery Manufacturer Hithium Joins Chile’s Clean Energy Association5.12.2023 15:00:00 EET | Press release
Stationary energy storage specialist Hithium has become a member of Chile’s renewable energy association ACERA. The manufacturer signed with the group at an event it hosted for partners and industry colleagues in Santiago, where Hithium representatives also introduced the company to the regional market and presented its latest product innovations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231205316012/en/ Hithium joins ACERA in Chile (Photo: Business Wire) “We are committed to supporting the renewables industry in Chile, which is why it is important for us to join our clean energy sector colleagues here and become a member of ACERA,” said Mizhi Zhang, Hithium Head of Global Business, at the event. “As renewable energy generation grows, energy storage plays a key role in enabling the grid to incorporate clean power in a stable way. A big thanks to all our sector colleagues and partners who joined us tonight to celebrate
Moody’s Launches Moody’s Research Assistant, a GenAI Tool to Power Analytic Insights5.12.2023 15:00:00 EET | Press release
Moody's Corporation (NYSE:MCO) today announced the launch of Moody’s Research Assistant, a first-of-its-kind search and analytical tool powered by generative artificial intelligence (GenAI). Leveraging Moody’s extensive proprietary content and the latest large language models (LLMs), the product helps customers generate new insights from the breadth and depth of Moody’s credit research, data, and analytics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231205410924/en/ As the first GenAI-powered research tool commercially available for financial market participants, Moody’s Research Assistant synthesizes vast amounts of information so users can assess lending or investment opportunities, monitor developments, compare entities, and enhance analytical workflows rapidly and at scale. Grounded in Moody’s extensive proprietary content in combination with the latest GenAI technology, Moody’s Research Assistant allows users to gen
Exscientia Receives Open Philanthropy Grant to Explore New Therapeutic Approach for Pandemic Influenza5.12.2023 15:00:00 EET | Press release
Exscientia plc (Nasdaq: EXAI) announced today that the Company received a $2.3 million grant from Open Philanthropy, a philanthropic funder with several programs in global health and wellbeing. Under this grant, Exscientia aims to harness the activation of the host interferon response as a therapeutic approach for pandemic influenza. The grant comes in the context of the wider Pandemic Antiviral Discovery (PAD) initiative. Out of the COVID-19 pandemic experience, jointly with the Novo Nordisk Foundation and the Bill & Melinda Gates Foundation, Open Philanthropy launched the PAD initiative to help catalyse the discovery and early development of novel antiviral medicines in preparation for future pandemics. “We are thrilled that these expert institutions are supporting Exscientia’s capabilities to develop innovative solutions to address significant unsolved health issues, expressed through this grant,” said Professor Ian Goodfellow, Vice President of Antivirals at Exscientia. “If we mana
Kindeva Drug Delivery and Orbia Fluorinated Solutions (Koura) Announce Collaboration for Low GWP Propellant Conversion5.12.2023 15:00:00 EET | Press release
Kindeva Drug Delivery (Kindeva), a leading global contract development and manufacturing organization (CDMO) focused on drug-device combination products, and Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) Fluorinated Solutions business (Koura ®), a global leader in the development, manufacture, and supply of fluoroproducts and technologies, announced today a co-development collaboration for the conversion from existing marketed pressurised Metered Dose Inhaler (pMDI) products to Koura’s more sustainable and environmentally-conscious medical propellant; HFA 152a, known as Zephex® 152a. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231205198764/en/ This strategic collaboration will focus on accelerating the conversion of existing marketed pMDI inhaler products to low global warming potential (GWP) pMDIs utilizing Koura’s Zephex 152a platform with the objective of reducing respiratory healthcare carbon emissions while
TreviPay Introduces All-in-One Payments Solution for Accepting Net Terms and Card Payments at Checkout5.12.2023 15:00:00 EET | Press release
TreviPay, the global B2B payments and invoicing network, today released a series of technology features designed to help merchants build experiential loyalty with enterprise buyers, including TreviPay’s new all-in-one payments solution. By providing payment choice, convenience and customization, merchants across different industries, including retail, hospitality and manufacturing, can leverage TreviPay’s technology to reduce friction and build loyalty at all stages of the purchasing process. Recent TreviPay research unveiled the importance of payment choice for optimizing first-time and returning buyer experiences with 86% of global business buyers reporting the ability to pay using their preferred payment method is important. With TreviPay’s all-in-one payments, B2B merchants and marketplaces can now serve the entire spectrum of business buyers with TreviPay as their single payments vendor. Through integration, merchants can customize acceptance of card types, allowing business buyer
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom