KUALA LUMPUR: Payments Network Malaysia (PayNet) has partnered for Malaysia’s national QR standard, DuitNow QR, with Weixin Pay, China’s widely-used QR payment service (commonly known in Malaysia as WeChat Pay).
This partnership enables Weixin Pay users to make payments directly via DuitNow QR at over two million Malaysian merchants, without the need for currency change or separate top-ups.
This partnership marks the first time in Southeast Asia for Weixin Pay to be directly connected to a unified national QR scheme.
As of last Friday, the payment linkage between PayNet and Weixin Pay is officially live.
Malaysia and China recently implemented visa-free travel policies for their citizens, further facilitating Chinese travellers, business engagements and family connections between the two countries.
Malaysia aims to attract over five million tourists from China this year, contributing to the 27.3 million tourist target for 2024 set by the Ministry of Tourism, Arts and Culture.
“It is essential that we offer Chinese travellers the convenience and security to manage their spending abroad. By integrating Weixin Pay into our DuitNow QR network, we are connecting over two million merchants to a vast customer base,” PayNet Group CEO Farhan Ahmad said.
“Moreover, the growing trend for hyper-localised travel and the exploration of rural areas, where MSMEs are key service providers, means this partnership will also significantly benefit smaller businesses and local economies.
“The future of QR payments across Asia looks bright as partnerships like these drive financial inclusion.”
Meanwhile, Weixin Pay Southeast Asia and North America managing director Ben Yang remarked that the partnership with PayNet represents a landmark achievement as Weixin Pay is committed to providing users with seamless access to DuitNow QR payments across Malaysia.
“This collaboration not only enhances payment convenience but also significantly boosts the visibility of local Malaysian brands among Chinese consumers, driving increased traffic to merchants. With the introduction of visa-free travel for Chinese travellers, we anticipate a substantial rise in the demand for Weixin Pay, further strengthening our presence in the Malaysian market.”
This collaboration complements the recent agreement between Malaysia and China to deepen cooperation in areas such as trade, the digital economy, the development of SMEs and other key areas. Furthermore, linking Weixin Pay to Malaysia’s payment network helps position Malaysia as a preferred tourist destination.
On the same matter, Hong Leong Bank (HLB) has now enabled its HLB DuitNow QR merchants to accept Weixin Pay.
HLB personal financial services managing dierctor Andrew Yong said: “Enabling Weixin Pay acceptance through our HLB DuitNow QR not only directly supports the revitalisation of our tourism sector, but also reinforces Malaysia’s appeal as a top investment, business, and travel choice for China.
“We remain dedicated to delivering innovative solutions that cater to the
ever-changing needs of our customers, ultimately driving growth for the Malaysian economy.”
In 2018, Hong Leong Bank was the first bank outside of China to provide a mobile application enabling merchants to accept Weixin Pay, streamlining transactions for Chinese travellers.
