Maybank announced that it has expanded its cross-border QR payment service to now include China, on top of the existing three countries, namely Singapore, Thailand, and Indonesia. This will allow Maybank customers to use their MAE by Maybank2u (MAE) mobile banking app to make QR payments conveniently when visiting China, and for Maybank QRPay merchants in Malaysia to easily accept QR payments from visitors from the republic country as well.

In a statement, Maybank said that it is the first Malaysian bank to expand its cross-border QR payment service to China. It is set to benefit over eight million MAE app users – allowing them to pay with merchants who have onboarded with Alipay and the China Construction Bank – and more than 700,000 Maybank QRPay merchants in Malaysia in total.

To make payments with this upgraded feature in China, launch your MAE app and tap on the QR logo, then scanning the QR code displayed by the merchant. Next, key in the amount that you need to pay in China’s renminbi (the equivalent amount in ringgit and the exchange rate will also be displayed), confirm the payment – and you’re done! Note that you will be required to authorise your payment if it is more than RM250.

Similarly, travellers from China can scan the DuitNow QR code displayed by local merchants and pay using selected e-wallets from their home country, and local merchants will receive the payments immediately in ringgit. The payments will also be credited directly to the merchants’ bank accounts.

Group chief executive officer of community financial services Dato’ John Chong said that this latest update is a significant milestone in Maybank’s mission to deliver payment solutions that are both seamless and secure. “Our entry into China offers an exceptional opportunity to access the dynamic and thriving Chinese market, further solidifying our international footprint,” he further stated.   

Maybank first rolled out its cross-border QR payment service earlier this year in June 2023, enabled first for Singapore, Thailand, and Indonesia. This update by Maybank also complements the recent collaboration between Payments Network Malaysia (PayNet) and Ant Group, which enables travellers from eight countries abroad with Alipay+ supported e-wallets to pay for their purchases in Malaysia using the DuitNow QR code.

(Sources: Maybank, The Edge Malaysia)

• TAGS:
• China
• Cross-Border Payments
• Cross-Border QR Payments
• Dato' John Chong
• DuitNow QR Cross-Border
• MAE
• MAE App
• MAE by Maybank2u
• Maybank