Travelers to Malaysia can now make cashless payments through a partnership between Alipay+ and Payment Networks Malaysia Sdn Bhd (PayNet).
By the end of 2023, travelers to Malaysia will be able to make digital payments through such major Asian e-wallets as TrueMoney (Thailand), Kakao Pay (South Korea), GCash (Phillippines), and AlipayHK (Hong Kong) with Alipay+. They can do so by scanning DuitNowQR, Malaysia’s national QR standard, which is operated by PayNet.
The partnership is set to broaden cross-border payment acceptance to Malaysia’s 1.8 million merchants. By 2024, it is expected that all Malaysian e-wallets supported by PayNet will be accepted by Alipay+ merchants’ global network.
“This partnership between PayNet and Alipay+ is forged at a vital time when overseas travel and tourism have fully resumed, and rapidly increasing,” Gary Yeoh, Chief Commercial Officer of PayNet, said in a prepared statement.
“Consumers and merchants in both countries who are already accustomed to digital payments expect the same seamless and hassle-free experience when traveling 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.”
Alipay’s Expansion Continues
With tourism back in full force, Ant Group, the owner and operator of Alipay+, is seeing the opportunities to enhance the international payment experience for travelers. More than ever, consumers want to replicate the digital payment experience they enjoy at home for their overseas travels.
In July, Alipay and WeChat enabled the acceptance of foreign credit cards, enabling travelers to link Mastercard and Visa onto their platforms. Travelers no longer need to open a Chinese bank account to conduct their transactions.
Alipay also partnered with Mastercard to enable travelers to China to link their Mastercard credit cards to Alipay’s digital wallet. With their mobile device, travelers can pay for goods and services with any merchant in China that accepts Alipay.
“The Paynet-Alipay partnership expands and strengthens regional cross-border digital payments across Asia,” said Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research. “It certainly makes it easier for visitors to use the mobile wallets that they are accustomed to using regularly back home, as they explore and shop in Malaysia and other destinations. With tourism rebounding, the payment collaboration helps facilitate interoperability, competitive exchange rates, and convenience for businesses and consumers as they travel abroad.”