1.8m MY merchants to benefit from new MoU between Alipay+ and PayNet

Payments Network Malaysia (PayNet) and Ant Group have signed a Memorandum of Understanding (MoU) to promote improved payment methods for inbound and outbound Malaysian travellers.

Through the partnership, travellers to Malaysia will enjoy digital payments with over 1.8 million merchants nationwide while Malaysian residents will be able to pay with e-wallets from their home country abroad, according to a statement by the brand.

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"This partnership between PayNet and Alipay+ is forged at a vital time when overseas travel and tourism have fully resumed, and is rapidly increasing,” said Gary Yeoh, chief commercial officer of PayNet.

“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,” Yeoh added.

By the end of 2023, users of five Asian e-wallets, including AlipayHK (Hong Kong SAR), GCash (Philippines), Kakao Pay (South Korea) and TrueMoney (Thailand), will be able to use cashless payments when they travel to Malaysia with Alipay+. 

Alipay+ is the global cross-border digital payments and marketing solutions operated by Ant Group which will be able to recognise Malaysia's National QR Standard DuitNow QR as part of the partnership. 

Beyond payment methods, Ant Group and PayNet will also collaborate on joint digital marketing efforts to enhance the visibility of businesses through the e-wallets of users.

“We are jointly making efforts to bring local businesses and international visitors closer together, offering not just convenience to tourists but greater opportunities and visibility for Malaysian businesses,” explained Cherry Huang, general manager of Alipay+ offline merchant services, Ant Group.

Additionally, in 2024 all Malaysian e-wallets supported by PayNet are expected to be accepted by Alipay+ merchant networks globally.

Alipay+ has been recently expanding its presence in Malaysia as Ant Group is set to launch its newest expansion of Alipay+ coverage to all 7-Eleven stores in Malaysia facilitated by Razer Merchant Services.

Razer Merchant Services (RMS) is the business-to-business solution of Razer Fintech and through the partnership, aims to facilitate the integration of Alipay in all 2,400 7-Eleven stores in Malaysia.

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