Malaysia's Maybank expands cross-border QR pay service to China

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Maybank expands cross-border QR pay service to China​

Wednesday, 08 Nov 2023

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has expanded its cross-border QR Pay service to China, one of the first in the market for a Malaysian bank, amplifying the financial group’s capabilities and enhancing the ease and efficiency of financial transactions.

In a statement today, Maybank said the initiative will benefit over eight million Maybank MAE app users visiting China as well as more than 700,000 Maybank QRPay merchants in Malaysia via transactions made by visitors from China.

Group chief executive officer of community financial services Datuk John Chong said Maybank’s cross-border initiative demonstrates its commitment to provide convenience to customers and aligns with the group’s strategic thrusts to strengthen its regional presence.

"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 is seamless and secure, and we are excited to bring this new development to our customers,” he said.

Maybank said Malaysian MAE app users will be able to make cashless payments in China with AliPay merchants.

Users will need to scan the QR code using the MAE app and enter the payment amount which will be converted to the Chinese Renminbi.

This is followed by an instant payment confirmation which details the exchange rate and deductible amount in ringgit, it said.

"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,” it added.