An Unprecedented Collaboration Elevates Cross-Border Digital Payments
A trailblazing memorandum of understanding (MOU) has recently been signed between Payments Network Malaysia Sdn Bhd (PayNet) and Ant Group, bringing an unparalleled digital payment ecosystem to over 1.8 million merchants in Malaysia and abroad. This landmark agreement paves the way for both Malaysian residents and Asian travellers to enjoy a seamless, cashless payment experience that transcends borders.
Gary Yeoh, Chief Commercial Officer of PayNet, encapsulated the significance of this partnership: “This partnership between PayNet and Alipay+ is forged at a vital time when overseas travel and tourism have fully resumed, and rapidly increasing. Consumers and merchants in both countries who are already accustomed to digital payments expect the same seamless and hassle-free experience when travelling 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.”
Pioneering Malaysian and Asian E-Wallets Join the Initiative
By the close of the current year, users of esteemed Asian e-wallets, such as AlipayHK (Hong Kong SAR), GCash (Philippines), Kakao Pay (South Korea), and TrueMoney (Thailand), will find their payment experience elevated. These e-wallets will integrate with Alipay+, Ant Group’s global cross-border digital payments and marketing solution, through the DuitNow QR, Malaysia’s National QR Standard operated by PayNet.
“We do see the proliferation of seamless international payments at scale sooner than we think. It is just a matter of time,” Yeoh further added.
Addressing the Surge in Travel and Tourism with Seamless Payments
As Malaysia sees an upswing in travel, registering 4.5 million tourist arrivals in Q1 2023 alone, the need for smooth, secure, and localized payment solutions has never been more crucial. The country is on track to hit a record 16.1 million tourist arrivals by the end of the year, generating a staggering RM49 billion in tourism revenue. To address the demand, Ant Group and PayNet are also planning joint digital marketing strategies aimed at increasing the visibility of businesses directly within the users’ e-wallet applications.
Dr Cherry Huang, General Manager of Alipay+ Offline Merchant Services, Ant Group, emphasized: “Travellers today have greater expectations when they travel, particularly the use of digital solutions to enhance their experience. They want it to be simpler, with less complexity and less hassle, and in working with our local partners, this is exactly what we want to achieve – personalised, seamless and borderless experiences.”
The Future Landscape of Digital Payments in Asia
This collaboration heralds not only a significant leap in Malaysia’s digital payment infrastructure but also solidifies the country’s role in shaping the future of digital payments in Asia. Notably, PayNet’s new partnership with Ant Group comes as the latest in a series of successful cross-border collaborations that include Thailand, Indonesia, and Singapore, thereby knitting together a considerable portion of the digital payments market in one of the world’s most digitally active regions.
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Payments Network Malaysia (PayNet) is the linchpin of Malaysia’s digital economy, offering an extensive suite of retail payment solutions that range from QR to P2P payments. With its visionary approach, PayNet continues to strengthen its ecosystem, fostering secure, efficient, and innovative payment experiences for both consumers and businesses across Malaysia.
For more information, please visit PayNet’s official website.
This landmark collaboration between PayNet and Ant Group is set to usher in a new era for digital payments, bridging gaps between countries and setting the stage for unparalleled financial convenience and business opportunities. Stay tuned as we continue to cover this developing story.