This integration marks a significant milestone, as it is the first time Weixin Pay has been directly connected to a unified national QR scheme in Southeast Asia. The payment linkage between PayNet and Weixin Pay officially went live last Friday.

The partnership comes at a time when Malaysia and China have implemented visa-free travel for their citizens, further facilitating connections between the two nations. With Malaysia targeting over five million tourists from China this year, the integration of Weixin Pay into DuitNow QR is expected to provide Chinese travelers with a seamless and secure payment experience while visiting Malaysia.

PayNet Group CEO Farhan Ahmad emphasized that this integration connects over two million Malaysian merchants to a vast customer base, benefiting both large and small businesses. He highlighted that the growing trend of hyper-localized travel, especially in rural areas where micro, small, and medium enterprises (MSMEs) play a crucial role, will help stimulate local economies.

Weixin Pay Southeast Asia and North America Managing Director, Ben Yang, expressed that the partnership represents a landmark achievement in their commitment to providing users with easy access to DuitNow QR payments across Malaysia. The collaboration is expected to enhance payment convenience and increase the visibility of local Malaysian brands among Chinese consumers.

This move complements Malaysia’s broader initiatives to strengthen ties with China, including cooperation in trade, digital economy, and SME development. Linking Weixin Pay to Malaysia’s payment network is also expected to help position the country as a preferred tourist destination.

In addition, Hong Leong Bank (HLB) has enabled its DuitNow QR merchants to accept Weixin Pay, further supporting Malaysia’s tourism sector and reinforcing its appeal as a key destination for Chinese tourists and investors.

In 2018, Hong Leong Bank became the first bank outside China to offer a mobile application that allows merchants to accept Weixin Pay, streamlining transactions for Chinese travelers.

Source: https://thesun.my/business-news/weixin-pay-integrated-into-paynet-s-duitnow-qr-network-ND13012395

The post Weixin Pay Integrated into PayNet’s DuitNow QR Network appeared first on Xiibit.

Strengthening Bilateral Cooperation

The initiative is the result of a Memorandum of Understanding (MoU) signed in February 2024 between BNM and NBC to enhance cooperation in payment systems and financial innovation. The MoU was signed under the auspices of the Prime Ministers of both Malaysia and Cambodia. Today marks the completion of the first phase of this cross-border payment connectivity, with further phases to be rolled out in the future.

Phase One: Cambodia to Malaysia

The first phase of the payment linkage enables consumers in Cambodia to make instant retail payments in Malaysia. Cambodian users can scan DuitNow QR codes displayed by merchants, using mobile payment apps such as the Bakong app and Maybank M2U KH app. This development significantly simplifies cross-border transactions and allows Cambodian tourists and businesses to engage more easily with Malaysian merchants.

Future Phase: Malaysia to Cambodia

The second phase of the linkage, expected to be launched soon, will allow Malaysian users traveling to Cambodia to make payments to Cambodian merchants by scanning KhmerQR (KHQR) codes. This will be possible through the mobile payment applications of participating financial institutions in Malaysia.

This seamless cross-border payment system will enhance the experience for tourists and businesses by removing the need for currency exchange and allowing for quicker, more efficient transactions.

Expanding Access for Merchants

This QR payment linkage will enable over five million merchants in both countries, many of which are small businesses, to access a larger and more diverse customer base. This will not only drive trade but also promote tourism, providing a boost to local economies in both nations.

Supporting Regional Integration

BNM Governor Dato’ Seri Abdul Rasheed Ghaffour expressed that the initiative is an important step toward achieving a more interconnected retail payment ecosystem between Malaysia and Cambodia. He highlighted that the linkage will facilitate faster and more efficient cross-border transactions, offering significant benefits to individuals and businesses. Furthermore, it aligns with ASEAN’s collective vision for regional financial integration, driving the digital economy in Southeast Asia.

NBC Governor H.E. Dr. Chea Serey also celebrated the milestone, noting that the cross-border payment initiative will play a key role in boosting trade and advancing financial inclusion in both countries. She emphasized that this move aligns with the vision of an ASEAN network of fast, secure, and interconnected retail payment systems across the region.

Promoting Economic Growth

This cross-border QR payment linkage reflects the growing trend of regional cooperation within ASEAN, aiming to integrate payment systems and foster economic development through the adoption of digital financial services. By linking national QR codes, the initiative will streamline transactions and open up new opportunities for businesses and consumers across both countries.

Source: https://www.bnm.gov.my/-/khqr-pr

The post Malaysia and Cambodia Launch Cross-Border QR Payment Linkage appeared first on Xiibit.

The General Manager of the Sarawak Multimedia Authority (SMA), Datuk Dr. Anderson Tiong Ing Heng, stated that this initiative enables S PAY GLOBAL users to scan other DuitNow e-wallets.

“Other DuitNow e-wallets can also scan merchants’ e-wallets within S PAY GLOBAL. Therefore, this new feature opens up more opportunities for better connectivity, ensuring smooth transactions for the people of Sarawak,” he said in a statement today.

Tiong added that this initiative is in line with the Sarawak Digital Economy Action Plan 2030 (SDE 2030), which focuses on modernizing Sarawak’s financial infrastructure.

Hii Saan Chieng, General Manager of SiliconNet Technologies Sdn Bhd, stated that enabling DuitNow in S PAY GLOBAL provides an easily accessible platform for users in terms of finance.

Azrul Fakhzan Mainor, Senior Director of PayNet’s Commercial Division, mentioned that by integrating the DuitNow QR, the people of Sarawak will be better connected within the global payment ecosystem, accelerating trade flow.

“Since DuitNow QR operates with global payment networks, we will see more cross-border transactions taking place. This collaboration enhances the customer experience both inside and outside Sarawak, contributing to the e-wallet transformation,” he said.

New merchants interested in joining S PAY GLOBAL are welcome to register with the platform, and any inquiries can be directed to 082-22 45 99.

Source: https://www.bernama.com/bm/news.php/dunia/target=%27_blank%27?id=2371085

The post S Pay Global App Now Equipped with DuitNow QR appeared first on Xiibit.