Monday, March 17, 2025 Malaysia Strengthens SME Growth with PayNet and Ant International Partnership in 2024 In 2024, Payments Network Malaysia Sdn Bhd (PayNet) and Ant International marked their first full year of partnership, driving significant economic opportunities for Malaysian small and medium enterprises (SMEs). The collaboration resulted in Alipay+ accounting for more than 80 percent of cross-border inbound QR payments via DuitNow, helping merchants achieve unprecedented growth. During the peak travel season in December 2024, Malaysian businesses saw a sixfold increase in revenue compared to the same period in 2023.
Empowering SMEs Through Digital Payment Expansion Alipay+, a unified digital wallet gateway operated by Ant International, was integrated into DuitNow QR in October 2023. This move allowed Malaysian SMEs to accept QR payments from international visitors with ease. By 2024, the number of Alipay+ payment partners able to transact through DuitNow QR had more than doubled, growing to 15 international apps.
This expansion significantly broadened the customer base for Malaysian businesses, enabling them to tap into new markets. The Alipay+ network in Malaysia now includes payment platforms such as Alipay (China), AlipayHK (Hong Kong SAR), MPay (Macao SAR), TrueMoney and KBank (Thailand), Changi Pay (Singapore), Hipay (Mongolia), HelloMoney and GCash (Philippines), Tinaba (Italy), Kaspi (Kazakhstan), BigPay (Singapore and Thailand), as well as Kakao Pay, Naver P.