Fintech & Ecommerce

Ant Group Partners PayNet for Cross-Border Digital Payments

Travellers with Ant Group’s Alipay+ partner e-wallets from China, Hong Kong, Philippines, Mongolia, Macau, Japan, South Korea and Thailand can now make QR payments at over 1.8 million PayNet’s DuitNow touchpoints across Malaysia

Ant Group Partners PayNet for Cross-Border Digital Payments

Payments Network Malaysia (PayNet) and Ant Group today announced their cross-border digital payments collaboration. It enables travellers from 8 countries where Alipay+ and partner e-wallets are supported to use PayNet’s DuitNow QR service in Malaysia.

The initiative is aimed at promoting international tourism and trade among China, Hong Kong, Philippines, Mongolia, Macau, Japan, South Korea and Thailand.

The wallets now supported by the single unified QR system DuitNow include Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Never Pay (Japan), Toss Pay (South Korea), TrueMoney (Thailand). Their users can now enjoy the convenience of travelling cashless to Malaysia.

They can scan PayNet’s DuitNow QR at its vast network of over 1.8 million merchant touchpoints throughout the country to make a payment. In addition, the partner wallet users will receive loyalty rewards and discounts at DuitNow QR Merchants in Malaysia.

The companies also announced that connectivity with Alipay+ payment partners from more countries would be eventually enabled. Meanwhile, DuitNow QR users in Malaysia are also expected to be able to make cashless payments at tens of millions of Alipay+ global merchants starting from 2024 onwards.

“With this collaboration with Ant Group, I am seeing a new Silk Route emerging; one that is powered by cross-border payment interoperability. Businesses in the DuitNow QR ecosystem can immediately access travellers from eight more countries in an efficient, seamless, and secure way, bolstering trade and commerce. […] Collectively, these linkages will connect economies that contribute over two-thirds to global GDP growth and home to over 60% of the world’s population whose median age is younger than global average. At this rate, we may very well see ASEAN+3 economic integration sooner than we think.” Farhan Ahmad, Group CEO of PayNet.

Besides payment connectivity, the collaboration between the two parties will encompass joint digital marketing initiatives aimed at enhancing the visibility of merchants’ businesses within users’ e-wallets.

Ant Group and PayNet will also collaborate through a marketing travel solution powered by Alipay+ to improve customer engagement with reward points, discounts and benefits.

Earlier, Ant Group partnered with Central Retail Corporation to launch Alipay+ in Thailand.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.