Alipay in Malaysia

Apart from the launching of Digital Free Trade Zone, Maybank and CIMB have also signed a MOU with the Alibaba Group yesterday. Maybank and CIMB, Malaysia’s largest financial provider are partnering with Ant Financial Service Group enabling Alipay mobile wallet in Malaysia.

The collaboration would act as the settlement and merchant acquirer bank, allowing Chinese visitors to pay for their transactions in yuan without concern about exchange rates. This is done through a simple barcode-scanning method that they are used to in their country. Alipay have hit record highs in 2016 for the amount its 450 million users spent online or in stores while the biggest spenders, the people of Shanghai spends an average of US$20,400 last year.

The Service is said to be available in May 2017.  Maybank group strategy officer Michael Foong said: “As a leader in card payments, Maybank will now offer Alipay customers the added convenience and security of our comprehensive cashless payment channels, thereby expanding the geographical reach of their digital wallets and enhancing their travel experience in this country.”

China has the most advanced mobile payment system at the moment lead by Alipay and Wechat. Given the fierce competition between the two, Chinese mobile payment providers rapidly improve their services and doing their best to expand to overseas by implementing a wide range of local partnerships and marketing programs.

Is the rising of All-tech world, many of the businesses are fighting for a space to be in the lead. The question would be how ready are Malaysian with this and are we accepting the tech well enough? See the article and give us your thoughts on this.

Source : The Star