Alipay+ Empowers New Growth Opportunities for Malaysian SMEs, Contributing More Than 80% of Inbound QR Payments via DuitNow

In their first full year of partnership in 2024, Payments Network Malaysia Sdn Bhd (PayNet) and Ant International, a leading global digital payment, digitisation and financial technology provider, brought new economic opportunities to Malaysian SMEs, with Alipay+ making up more than 80 percent of cross-border inbound QR payments via DuitNow. In the peak travel season in December 2024, the partnership enabled 6 times growth in revenue for Malaysian merchants, compared to the same period in 2023.

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In October 2023, Alipay+, a unified wallet gateway with cross-border payment and digitisation services under Ant International, went live on DuitNow QR, enabling Malaysian SMEs to accept QR payments from international travellers. Today, the number of Alipay+ payment partners that can make payment via DuitNow QR, has more than doubled to 15 international apps, bringing even more customers to Malaysian SMEs.

The Alipay+ partners enabled for use in Malaysia are: Alipay (Chinese mainland), AlipayHK (Hong Kong SAR, China), MPay (Macao SAR, China), TrueMoney and KBank (Thailand), Changi Pay (Singapore), Hipay (Mongolia), HelloMoney and GCash (The Philippines), Tinaba (Italy), Kaspi (Kazakhstan), BigPay (Singapore, Thailand), Kakao Pay, Naver Pay, Toss (South Korea).

“As Malaysia’s national payments network, PayNet is committed to building an open and seamless payment ecosystem that enables businesses to thrive,” said Gary Yeoh, Chief Marketing Officer of PayNet. “Our partnership with Ant International has significantly enhanced cross-border payment acceptance for local merchants, helping them tap into a growing wave of global travellers. With Alipay+ as a key driver, DuitNow QR is empowering SMEs to compete on an international scale, reinforcing Malaysia’s position as a premier travel and shopping destination.”

Gateway to growth for Malaysian businesses

Enabled by Alipay+, travellers from 10 countries and regions can now pay using their home payment app at more than 2.5 million DuitNow QR touchpoints in Malaysia simply by scanning the DuitNow QR. In 2024, the number of Alipay+ transactions on DuitNow QR has on average increased by 50 percent quarter-on-quarter, making Alipay+ the biggest contributor to cross-border inbound QR payment, and empowering Malaysian merchants to benefit from the growth in travel.

“We have always believed in the power of travel, for connectivity, cultural exchange and as an economic driver,” said Edward Yue, General Manager for Southeast Asia, Australia and New Zealand, Ant International. “With Alipay+, we offer local businesses a gateway to global customers, driving more inclusive growth in local communities. PayNet has built the infrastructure and partnerships to enable this, and we’re proud to collaborate and bring international users into this ecosystem. We’re just getting started, and in the years ahead, we can make an even greater impact together, positioning Malaysia as a global tourism hub and generating more growth for Malaysian businesses.”

According to Tourism Malaysia, the country welcomed more than 25 million visitors in 2024, with a goal of 35.6 million for the Visit Malaysia 2026 campaign. VM2026 aims to increase tourism revenue, strengthen Malaysia’s global tourism competitiveness, and ultimately position the sector as one of the largest contributors to the country’s GDP.

With the extensive merchant coverage of DuitNow, travellers are enjoying the convenience and seamless experience, paying with their own payment app across Malaysia, with the number of visitors using an Alipay+-enabled payment app increasing five times year-on-year in Q4 2024. Top visited cities include: Kuala Lumpur, Malacca, Penang, Johor Bahru and Kota Kinabalu.

Travel like a local with seamless payments

Malaysia is known as a foodie and cultural haven. Other than shopping, local food including kopitiams (coffee shops), bakeries, and shops selling bak kut teh, satay and locally-produced confectionary accounts for the most transactions amongst travellers. Travellers are also visiting bars and cocktail lounges, cementing Malaysia’s status as a hub for local and international cuisine. Museums like the Baba and Nonya Heritage museum and Sun Yat Sen museum are some of the most visited attractions.

Also on the rise are outdoors and wellness activities, with travellers visiting sporting and recreation camps, diving, fishing and fitness centres, and massage and beauty salons. They enjoy the convenience of day-to-day travel, with one of the highest transactions at convenience stores, pharmacies, supermarkets and vending machines.

In 2025 and beyond, PayNet and Ant International will continue to collaborate through merchant connectivity, marketing and educational campaigns to bring even more growth to Malaysian SMEs.

About Payments Network Malaysia Sdn Bhd

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.

About DuitNow

Learn more at: https://www.duitnow.my/index.html

About Alipay+

Ant International's Alipay+ is a unified wallet gateway with cross-border payment and digitisation services that help connect global merchants to consumers. Consumers enjoy seamless payment, a broad choice of deals and the convenience of digital services using their preferred payment app while travelling abroad. Small and medium-sized businesses may use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth.

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