Malaysia has witnessed an impressive recovery from the pandemic’s effects, with consumer spending surging during the first Chinese New Year (CNY) season, which signifies a return to normalcy and places a particular emphasis on international travel. Alipay+ and PayNet data has shed light on this revival, with Malaysia being ranked as the sixth most popular tourism destination in the world for Chinese nationals. The extensive adoption of Alipay+ by more over 1.9 million DuitNow QR shops has greatly contributed to this renaissance, providing travellers with unparalleled payment ease nationwide.
Broadening the Alipay+ Network for Enhanced Tourist Experiences
Since November 2023, the Alipay+ network has rapidly expanded its footprint in Malaysia, ensuring tourists can effortlessly transact with their domestic e-wallets wherever they roam. This expansion is supported by strategic alliances with leading Malaysian merchants in sectors like retail and F&B, including household names like 7-Eleven and Watsons, rolling out exclusive CNY promotions. The outcome? A doubling in spending during the first week of CNY 2024 compared to CNY 2019, with an astonishing tenfold increase from the previous year.
Digital Payments Spearheading Commerce Across Borders
Dr. Cherry Huang, General Manager of Alipay+ Offline Merchant Services at Ant International, shared, “With its use spreading across age and income groups, mobile payment is increasingly becoming an important promoter of local and cross-border commerce in Asia and beyond.” Through the partnership with PayNet, there’s been a notable uptick in Alipay+ transactions via the DuitNow QR network, enhancing convenience for tourists while opening new doors for local enterprises, regardless of their size.
Streamlining Payments for Tourists with Global E-Wallets
The integration of 13 international e-wallets and banking apps, including Alipay and Kakao Pay, has simplified the payment process for tourists in Malaysia. This strategic move, just in time for the peak travel season, not only provides tourists with added convenience but also fosters growth opportunities for local merchants. Beyond Chinese tourists, Malaysia is also a preferred destination for travelers from Hong Kong SAR, the Philippines, and Thailand.
Significant Growth in Cross-Border QR Transactions
Following the introduction of Alipay+ supported e-wallets for QR payments in November 2023, there’s been a significant surge in inbound cross-border QR transactions. By February 2024, the daily transactions and spending via Alipay+ at DuitNow QR merchants had both increased by 2.5 times compared to December 2023.
Celebrating Economic Advancement Through Strategic Alliances
Gary Yeoh, Chief Commercial Officer of PayNet, expressed immense pride in the transformative journey undertaken with Alipay+, emphasizing how such strategic collaborations are pivotal in propelling economic growth and enriching the tourism experience. This initiative is in line with Malaysia’s ambitious plans to invigorate tourism, especially with the upcoming Visit Malaysia 2026, by ensuring a seamless cashless payment experience for international visitors.
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Envisioning a Prosperous Future for Malaysia’s Tourism
The enduring partnership between Malaysia and China, celebrating half a century, has introduced several initiatives aimed at boosting tourism, including visa-free travel and the potential for direct flights, which are expected to further enhance tourism. With a steadfast commitment to digital transformation, Malaysia is set to offer a frictionless experience for tourists, solidifying its status as a leading global destination.
The insights from Alipay+ and PayNet paint an optimistic picture of Malaysia’s tourism sector’s resurgence and expansion. As Malaysia continues to integrate digital payment solutions and foster strategic partnerships, it stands as a beacon of how technology can revolutionize the tourism landscape, offering convenience to tourists and opportunities for local businesses alike.
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