In a groundbreaking move, Alipay+ has significantly impacted the revenue streams of Malaysian SMEs by enabling cross-border QR payments via DuitNow in collaboration with Payments Network Malaysia Sdn Bhd (PayNet) and Ant International. The partnership, initiated throughout 2024, enabled Alipay+ to account for more than 80 percent of these international payments, offering unprecedented growth opportunities for local businesses. This collaboration reached a peak in December 2024 during the busiest travel season, when Malaysian merchants witnessed a sixfold increase in revenue compared to the same period in 2023. Such an improvement highlights the critical role of advanced payment solutions in fostering economic growth and fortifying the SME sector.
In October 2023, Alipay+ was integrated with DuitNow QR, marking a pivotal shift that allowed SMEs across Malaysia to accept QR payments from international travelers. By 2024, the number of Alipay+ payment partners capable of making transactions via DuitNow QR had more than doubled to encompass 15 international apps. This extensive integration considerably broadened the customer base for Malaysian SMEs, including notable platforms such as Alipay, AlipayHK, TrueMoney, GCash, Kakao Pay, Naver Pay, and Toss. This strategic expansion has positioned Malaysian merchants to tap into diverse markets, increasing accessibility and convenience for global travelers.
Collaboration Propelling Economic Growth
Gary Yeoh, Chief Marketing Officer of PayNet, underscored the transformative effect of the collaboration with Ant International. This partnership has significantly enhanced the acceptance of cross-border payments, allowing local merchants to access a vast international clientele. The synergy between PayNet and Ant International fortified DuitNow QR’s capabilities, reinforcing Malaysia’s reputation as a premier travel and shopping destination. The impressive feat of Alipay+ becoming the most substantial contributor to cross-border QR payments is evident through the average 50 percent quarterly increase in transactions throughout 2024. Such statistics emphasize the functional efficiency of this partnership in driving economic growth for SMEs.
Edward Yue, General Manager for Southeast Asia, Australia, and New Zealand at Ant International, highlighted the integral role of travel in economic connectivity and growth. Alipay+ functions as a gateway to a global customer base, promoting inclusive growth within local communities. Leveraging PayNet’s robust infrastructure, the collaboration aims to elevate Malaysia’s status as a global tourism hub while simultaneously stimulating SME expansion. Malaysia’s success in drawing over 25 million visitors in 2024, with aspirations to boost this number to 35.6 million by 2026, is a testament to the economic benefits derived from this payment solution. Such visitation rates contribute significantly to the national GDP, underlining the importance of consistent innovation in payment technologies.
Seamless Payment Experiences for Tourists
With the integration of Alipay+, visitors to Malaysia enjoy seamless payment experiences using their native payment apps, increasing the convenience and allure of cities like Kuala Lumpur, Malacca, Penang, Johor Bahru, and Kota Kinabalu. This interoperability means that travelers can use familiar apps, adding to their ease and satisfaction. Alipay+-enabled apps are prevalent in various local settings, including culinary hotspots, cultural landmarks, bars, museums, and outdoor activities such as diving and recreational camps. This convenience extends to daily necessities, allowing tourists to effortlessly purchase goods at convenience stores, supermarkets, and pharmacies.
These seamless transactions not only enhance the tourist experience but also boost revenue for local businesses. The ease of using their home apps for purchases encourages increased spending among tourists, thereby driving economic growth. The enhanced payment system has also positioned Malaysia as a preferred destination for international visitors, who prioritize convenience and security in their transactions. This development reflects a broader trend of integrating advanced digital payment systems to cater to an increasingly globalized customer base, benefiting local economies and fostering inclusive growth.
Future Collaboration and Growth Prospects
Alipay+ has revolutionized the revenue streams of Malaysian SMEs, enabling cross-border QR payments via DuitNow. In collaboration with Payments Network Malaysia Sdn Bhd (PayNet) and Ant International, this partnership began in 2024. Alipay+ now accounts for over 80 percent of these international payments, presenting significant growth opportunities for local businesses. This initiative peaked in December 2024, the busiest travel season, resulting in a sixfold revenue increase for Malaysian merchants compared to the same period in 2023. This underscores the importance of advanced payment solutions in boosting economic growth and strengthening the SME sector.
In October 2023, Alipay+ integrated with DuitNow QR, marking a crucial shift allowing Malaysian SMEs to accept QR payments from international travelers. By 2024, the number of Alipay+ payment partners for DuitNow QR transactions had more than doubled to 15 international apps. This vast integration expanded the customer base for local SMEs, including platforms like Alipay, AlipayHK, TrueMoney, GCash, Kakao Pay, Naver Pay, and Toss. This strategic development enabled Malaysian merchants to access diverse markets, enhancing accessibility and convenience for global travelers.