Malaysian lender Malayan Banking (Maybank) has on Wednesday announced the expansion of its cross-border QR Pay service to China, one of the first in the market for a Malaysian bank, amplifying its existing cross-border payment capabilities and enhancing the ease and efficiency of financial transactions.
Earlier in 2023, Maybank launched the cross-border QR Pay feature made available for Malaysian MAE app users travelling to Thailand, Indonesia and Singapore, allowing existing Maybank QR Pay merchants to accept payments from tourists and visitors who use supported payment apps from these countries.
The recent addition of the China corridor reaffirms Maybank’s commitment to fostering international financial connectivity.
“Our entry into China offers an exceptional opportunity to access the dynamic and thriving Chinese market, further solidifying our international footprint,” he added.
According to him, this is a significant milestone in the firm’s mission to deliver unmatched payment solutions that is seamless and secure, and the bank is excited to bring this new development to its customers.
Users will need to scan the QR code using the MAE app and subsequently enter the payment amount which will be converted to China’s local currency, Chinese Renminbi.
This is followed by an instant payment confirmation which details the exchange rate and deductible amount in Ringgit Malaysia.
Similarly, merchants in Malaysia are now able to accept QR payments from incoming travellers from China. It is fast, convenient and secure by scanning the DuitNow QR through Alipay, one of the preferred payment platforms in China.
The strategic initiative is a result of Maybank’s ongoing collaboration with Payments Network Malaysia Sdn. Bhd. (PayNet) aiding Malaysians travelling to China, and in-bound Chinese tourists visiting Malaysia.
According to the statement, Chinese tourists continue to be a key target segment for Malaysia, with the Tourism Ministry announcing approximately 16 million tourists for 2023, of which 5 million are expected from China.
Before the pandemic in 2019, Chinese tourists made a significant contribution of MYR 15.3 billion ($3.27 billion) in tourist receipts.