Ant International, AlipayHK, and TNG eWallet partners to offer security for cross-border payments, as digital wallets become one of the preferred choices for daily transactions.
Under this collaboration, the three companies will focus on three areas:
- Technology innovation, collaborating on the development and deployment of safety solutions by using AI, privacy-preserving computing, and other technologies;
- Knowledge collaboration, establishing knowledge-sharing mechanisms, including conducting workshops focused on evolving risk patterns and trends, and the exchange of best practices;
- Stakeholder engagement, launching joint awareness campaigns to educate consumers and merchants on how to recognise, avoid, and respond to various risks.
Digital wallets, a preferred choice for daily transactions
The Asia Pacific region is a key area in digital payment adoption, accounting for nearly two-thirds of global digital wallet spend at USD 9.8 trillion, with one of the highest wallet penetration rates among all regions.
Given the high adoption rate of digital payments in Asia, 42% of global fraud cases also originate there. Digital wallets have become prime targets, with 15% of wallet accounts compromised in 2023 alone. Among various threats, account takeover fraud increased by 28%, making it a significant concern for digital wallet users in Asia.
In the initial phase of the partnership, wallet partners are scheduled to adopt Alipay+ EasySafePay 360, an AI-powered account protection solution for both offline and online wallet transactions, to combat account takeovers. E-wallet operators can expect the Ant International-developed solution to lower the incidence of account takeovers, optimising trust in their service.
By using real-time AI analysis of various types of payment information, EasySafePay builds dynamic risk models to proactively identify and block fraudulent transactions. It ensures secure, integrated analysis across multiple information sources without compromising user privacy.
Wallet users can access a Money-Back Guarantee compensation system offered by EasySafePay, through which Ant International provides full compensation on unauthorised transactions. Additionally, the integration protects online transactions, including e-commerce transactions and subscriptions to streaming and app-store services.
A one-stop user portal offered by EasySafePay is available for wallet operators to integrate into their own platforms so they can address user concerns more efficiently with a suite of customisable tools.
