• Tourism boom helped by familiar payment methods.
• Accepting payment vi QR code popular with Malaysian retailers.
• Huge growth in spend from tourists in the country.

The continuing partnership between Payments Network Malaysia (PayNet) and Ant International (owner of Alipay+) has helped Malaysian SMEs during the first year of its existence, according to statements by the two companies.

In October 2023, the nascent partnership between PayNet and Ant International began to let Malaysian businesses accept Alipay+ transactions via DuitNow. DuitNow is a Malaysian QR code-based payment system that allows digital transfer of funds between participants using their bank details, eWallet or mobile. It’s a payment system that’s particularly suited to small transactions made at SMBs and has proved increasingly popular among a range of retailers from tiny street food vendors upwards.

In the last 17 months, the number of businesses and financial organisations that accept DuitNow has more than doubled. Of those, payments via Alipay+ comprised more than 80 percent of international inbound QR payments made from funds that originate outside Malaysia.

There was a 600% growth in revenue moved over the PayNet infrastructure in December 2024, compared to figures from the previous year.

Alipay+, owned by Ant International, went live on DuitNow QR in October 2023, which enabled payment via QR code by international travellers to Malaysian businesses. The number of Alipay+ payment partners that support DuitNow QR has more than doubled, with 15 international digital wallet apps currently supported, offering more options to customers wishing to spend in Malaysia but without the inconvenience of using new payment apps or network.

The partnership between Ant International and PayNet means users from countries where Alipay+ is popular are more likely to spend in Malaysia, which encourages visitors especially from China, Thailand, Singapore, Mongolia, the Philippines, and South Korea. While in the country, tourists simply use their digital wallet app as usual, getting the experience they’ve grown accustomed to in their home countries.

Currently, there are over 2.5 million DuitNow QR touchpoints in Malaysia, with the number set to increase as the payment network expands. The DuitNow facility is rapidly gaining popularity for foreign visitors, with the number of Alipay+ transactions made via DuitNow QR growing by an average of 50% every quarter in the last two years. Alipay+ is at present the largest contributor to cross-border QR payments made in Malaysia by overseas visitors.

Gary Yeoh, Chief Marketing Officer of PayNet, highlighted Alipay+ as a major factor in the expansion of Malaysian businesses accepting cross-border payments. “Our partnership […] has significantly enhanced cross-border payment acceptance for local merchants, helping them tap into a growing wave of global travellers. With Alipay+, […] DuitNow QR is empowering SMEs to compete on an international scale, reinforcing Malaysia’s position as a premier travel and shopping destination.”

Tourism is an important element of the Malaysian economy, with Kuala Lumpur, Malacca, Penang the most visited cities last year. The ‘Visit Malaysia 2026 campaign’ hopes to attract 35.6 million visitors to the country next year, up from over 25 million in 2024 – nearly a 50% growth in two years.

“We’re just getting started, and in the years ahead, we can make an even greater impact together, positioning Malaysia as a global tourism hub and generating more growth for Malaysian businesses,” said Edward Yue, General Manager for Southeast Asia, Australia and New Zealand, Ant International.

PayNet operates Malaysia’s national retail payments infrastructure, including services such as DuitNow, JomPAY, FPX, MyDebit, MEPS, and IBG. DuitNow QR is part of a regional cross-border payment initiative and is interoperable with QR payment networks in Singapore, Thailand, and Indonesia.