Following up from the early-2023 launch of an all-new cross-border QR-pay feature for its Maybank MAE app and QRPay to and from Thailand, Indonesia, and Singapore, Maybank just announced that it had expanded this digital payment service to China as well.
The move, which reaffirms Maybank’s commitment to fostering international connectivity for its digital platforms, enables over 8 million MAE users to make payment in China via the digital wallet platform and empower more than 700,000 Maybank QRPay merchants in Malaysia with the ability to receive payments from Chinese tourists.
Maybank’s push into regional transactions and enabling tourist transactions for its digital offerings is powered via the ongoing collaboration it has with Payments Network Malaysia (PayNet).
For Malaysians who are traveling to China, they just need to do the following:
- Check with merchants if they accept AliPay payments
- Once confirmed, they can use the Maybank MAE app to scan the merchant QR code and enter the payment amount in Chinese Renminbi
- Show payment approval and confirmation receipt to the merchant
- Check the same receipt for additional details of the payment, such as the exchange rate at the time of transaction and deductible amount in Malaysian Ringgit
As for merchants in Malaysia, they can now receive QR payments from Chinese tourists. Customers from Mainland China just need to scan the DuitNow QR code with their AliPay app to make payment and the cashless transaction solution that Maybank has in place will do all the work to ensure everything is seamless.
“Our entry into China offers an exceptional opportunity to access the dynamic and thriving Chinese market, further solidifying our international footprint. This is a significant milestone in our mission to deliver unmatched payment solutions that are seamless and secure, and we are excited to bring this new development to our customers,” said John Chong, Group CEO, Community Financial Services, Maybank.
With PayNet powering Maybank’s efforts, it is only a matter of time before similar arrangements can be made for other Malaysian banks as well to support payments from Chinese tourists.
Notably, there is no mention of similar arrangements for Maybank MAE support in Hong Kong or Macau. There is a clear distinction for digital payments as both regions operate their respective financial networks with different compliances. In fact, AliPay and Tencent’s WeChatPay have different apps for Mainland China and the two Special Administrative Regions.