In preparation for the 2023 Asian Games, Ant Group is increasing cross-border payment options for international travelers.
With the support of the People’s Bank of China, and in collaboration with NetsUnion Clearing Corporation, consumers traveling to see the Asian Games will have the ability to use their own e-wallets by leveraging Alipay+. The first group of e-wallets will be accepted from Thailand, Malaysia, Macao, and Hong Kong, with additional overseas e-wallet acceptance to come soon.
International travelers will have the option to attach their international credit cards from major issuers into the Alipay app in order to make their purchases.
Alipay will also work closely with the Asian Games to facilitate travel and ticketing services, sustainability efforts, and digital payments.
“The Ant Group-Asian Games partnership makes it easier and more convenient for international sports fans and visitors to pay for purchases with the same mobile wallets and digital payments that they’re used to using back home,” said Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research. “It’s exciting to see new cross-border payment options like Alipay+ and ASEAN’s digital payment system that allows residents in Indonesia, Malaysia, Singapore, and Thailand to pay for goods and services in local currencies using a QR code. These cross-border payment solutions are beneficial for tourism, international trade settlement, investment, and remittances.”
Cross-Border Transactions Are Gaining Ground
Cross-border payments are taking the financial ecosystem by storm, providing both businesses and consumers a way to send payments quickly, safely, and efficiently. With the rise of e-commerce, consumers and businesses are transacting internationally as well.
A new cross-border payment system was recently formed between members of the Association of Southeast Asian Nations (ASEAN), which includes the Philippines, Singapore, Indonesia, Thailand, and Malaysia. This initiative was formed to establish a more complete financial ecosystem in the Southeast Asian region. Businesses within these regions are hoping to rely less on the U.S. dollar for cross-border payments, particularly as it has affected them negatively due to its strength.
Facilitating and streamlining cross-border payments has been in the works for some time now. Singapore and Malaysia also developed a cross-border QR code payment linkage. Financial institutions will now be able to make payments by scanning NETS QR and Duit Now QR codes, enabling in-person payments. This can be done by scanning these QR codes displayed by merchants and for cross-border e-commerce transactions online.
