Ant Group partners with PayNet

As per the press release, the two companies plan to include more Alipay+ payment partners which will progressively be enabled in Malaysia. Also, the mutual connection to allow DuitNow QR users in the region to make payments at Alipay+ global merchants is projected to be instituted from 2024 onwards. Currently, the Alipay+ merchant ecosystem includes merchants in more than 50 markets. The partnership was denoted by a Memorandum of Understanding (MOU) signed in August 2023 between Ant Group, operator of Alipay+, and PayNet, operator of DuitNow QR.

According to officials, the collaboration with Ant Group allows PayNet to enable cross-border payment interoperability, as businesses in the DuitNow QR ecosystem can immediately access travellers from eight more countries efficiently and securely. Considering that the Malaysian tourism industry is back at a steady growth and will be further supported by Visit Malaysia Year in 2026, the partnership came at a suitable time for PayNet. DuitNow QR is the National QR Standard, enabling participating merchants to accept real-time payments from customers of banks and e-wallets, as well as connected countries with a single unified QR code.

Representatives from Ant Group stated that the collaboration intends to make digital payments in Malaysia more convenient for users. Furthermore, a recent report commissioned by Ant Group found that intra-Asia cross-border travel and payments are likely to accelerate over the next years, with average consumer spending almost doubling from 2016 to 2025. This expansion further emphasises the need to connect local merchants with international visitors through payments, marketing, and other digital services to enhance the travel experience and increase the local tourism ecosystem in Malaysia.

Ant Group and PayNet’s collaboration will include joint digital marketing initiatives, intending to enhance the visibility of merchants’ businesses within users’ e-wallets. Moreover, both companies will join forces through a marketing travel solution enabled by Alipay+ for improved customer engagement. International travellers using Alipay+ supported e-wallets can earn reward points or receive discounts and benefits at PayNet’s DuitNow QR merchant’s ecosystem.