Maybank, a leading Malaysian bank, has launched its innovative cross-border QR Pay service in China, marking a significant development in its regional expansion strategy. This recent move provides an avenue for cashless transactions between the bank's eight million MAE app users and over 700,000 QRPay merchants in Malaysia and Alipay merchants in China.
The service was introduced as a part of Maybank's commitment to enhancing customer experience and aggressively expanding its footprint regionally. The MAE app users can now transact with Alipay merchants in China by scanning a QR code and entering the payment amount, which is then converted to Renminbi. Upon completion of the transaction, users receive an instant payment confirmation detailing the exchange rate and the deductible amount in Ringgit.
In addition to facilitating transactions for Malaysian customers in China, this reciprocal arrangement also allows Malaysian merchants to accept QR payments from Chinese visitors via DuitNow QR through Alipay. This initiative is expected to be particularly beneficial for transactions involving Chinese tourists.
The MAE app has set a daily transaction limit of RM1,000, with Secure2u authorization required for transactions exceeding RM250. This measure ensures secure transactions for customers while maintaining ease of use.
This expansion of DuitNow QR transaction services positions Maybank as a pioneer among Malaysian banks, extending its reach beyond Singapore, Thailand, and Indonesia. As part of this expansion, Maybank has also partnered with China Construction Bank (OTC:CICHF) and mirrored PayNet's DuitNow and Alipay+ announcement. These developments are reflected in the updated cross-border DuitNow QR page.
Group CEO Datuk John Chong expressed his view on this development as a clear demonstration of Maybank's commitment to enhanced customer service and aggressive regional expansion. The new service is expected to revolutionize the banking experience for Maybank's customers while strengthening its position in the regional market.
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