PayNet and Ant Group launched cross-border digital payments for eight Asian corridors

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In a landmark collaboration, Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group have launched an extensive cross-border digital payments partnership, enabling travelers from eight different countries to utilize PayNet’s DuitNow QR system within Malaysia. This strategic move is expected to significantly boost international tourism and enhance trade interactions among the participating nations.

Starting from the end of October 2023, travelers equipped with specific Alipay+-supported wallets can seamlessly engage in cashless transactions across Malaysia, simply by scanning PayNet’s DuitNow QR code at any of the nation’s 1.8 million merchants. The supported wallets include 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). Moreover, plans are underway to integrate additional Alipay+ payment partners in Malaysia, broadening the scope of this innovative cross-border payment system.

The reciprocal connection allowing DuitNow QR users in Malaysia to conduct transactions at Alipay+ global merchants is expected to be gradually implemented from 2024 onward, enhancing the accessibility and convenience of digital payments for both local users and international visitors. The Alipay+ ecosystem currently encompasses tens of millions of merchants across more than 50 markets, promising a seamless and interconnected payment experience for all stakeholders involved.

The collaboration was officially solidified through a Memorandum of Understanding (MOU) signed earlier in August this year between Ant Group and PayNet, signifying their commitment to fostering greater financial connectivity and facilitating smoother cross-border transactions.

Farhan Ahmad, group CEO of PayNet, expressed his enthusiasm about the emerging opportunities, envisioning a new Silk Route powered by cross-border payment interoperability, with the potential to bolster trade and commerce. With the Malaysian tourism industry on a trajectory of steady growth and the upcoming Visit Malaysia Year in 2026, these cross-border linkages are poised to create robust economic integration, significantly contributing to global GDP growth.

DuitNow QR, operated by PayNet, serves as the National QR Standard, enabling participating merchants to accept real-time payments from customers of participating banks and e-wallets seamlessly, not only within Malaysia but also across other connected countries, all through a single unified QR code.

Douglas Feagin, senior vice president of Ant Group and head of Alipay+ cross-border mobile payment services, emphasized the significance of this collaboration in enhancing the convenience of digital payments in Malaysia, particularly during the anticipated surge in year-end travel. Stressing the findings of a recent report commissioned by Ant Group, Feagin highlighted the projected acceleration of intra-Asia cross-border travel and payments, underlining the need for streamlined digital services to foster a seamless travel experience and invigorate the local tourism ecosystem in Malaysia.

Beyond connectivity, the collaboration is set to encompass joint digital marketing initiatives, aiming to amplify the visibility of merchants’ businesses within users’ e-wallets. Additionally, both parties plan to collaborate on a marketing travel solution powered by Alipay+, offering international travelers using Alipay+-supported e-wallets the opportunity to earn reward points, receive discounts, and access various benefits within PayNet’s DuitNow QR merchants’ ecosystem, thereby enhancing customer engagement and loyalty.