Alipay Boosts Malaysian SME Growth via DuitNow
PayNet and Ant International have brought new economic opportunities to Malaysian SMEs. In their first full year of partnership in 2024, Alipay+ made up more than 80 percent of cross-border inbound QR payments via DuitNow. The partnership enabled 6 times growth in revenue for Malaysian merchants in the peak travel season in December 2024, compared to the same period in 2023.
In October 2023, Alipay+ went live on DuitNow QR, enabling Malaysian SMEs to accept QR payments from international travellers. Today, the number of Alipay+ payment partners that can make payment via DuitNow QR has more than doubled to 15 international apps, bringing even more customers to Malaysian SMEs.
The Alipay+ partners enabled for use in Malaysia include apps from China, Hong Kong, Macao, Thailand, Singapore, Mongolia, the Philippines, Italy, Kazakhstan, and South Korea. These partners have significantly enhanced cross-border payment acceptance for local merchants, helping them tap into a growing wave of global travellers.
Enabled by Alipay+, travellers from 10 countries and regions can now pay using their home payment app at more than 2.5 million DuitNow QR touchpoints in Malaysia simply by scanning the DuitNow QR. In 2024, the number of Alipay+ transactions on DuitNow QR has on average increased by 50 percent quarter-on-quarter, making Alipay+ the biggest contributor to cross-border inbound QR payment.
Malaysia welcomed more than 25 million visitors in 2024, with a goal of 35.6 million for the Visit Malaysia 2026 campaign. With the extensive merchant coverage of DuitNow, travellers are enjoying the convenience and seamless experience, paying with their own payment app across Malaysia. The number of visitors using an Alipay+-enabled payment app increased five times year-on-year in Q4 2024.
Malaysia is known as a foodie and cultural haven, with local food, shopping, and cultural attractions being the most popular among travellers. Other than shopping, local food accounts for the most transactions amongst travellers, followed by visits to museums and other cultural attractions. Outdoors and wellness activities are also on the rise, with travellers visiting sporting and recreation camps, diving, fishing, and fitness centres.
In 2025 and beyond, PayNet and Ant International will continue to collaborate through merchant connectivity, marketing, and educational campaigns to bring even more growth to Malaysian SMEs. Payments Network Malaysia is the national payments network and central financial infrastructure for Malaysia, with the vision to empower Malaysia’s digital economy. Ant International’s Alipay+ is a unified wallet gateway with cross-border payment and digitisation services that help connect global merchants to consumers.