Ant International, AlipayHK, TNG eWallet kickstart digital wallet protection program

Singapore-headquartered Ant International, AlipayHK and Malaysian TNG eWallet are establishing a program that aims to provide increased security and fraud prevention for digital wallets in Asia.

The Digital Wallet Guardian Partnership will focus on three areas: Developing safety technology with the help of AI and privacy-preserving computing, collaborating on knowledge and best-practice sharing to detect risks and launching public awareness campaigns aimed at educating consumers and merchants.

The initiative comes as the Asia-Pacific sees increased risks of scams and fraud. The region is leading the world when it comes to digital payments, with spending of US$9.8 trillion. Due to the rapid adoption of payment wallets, however, a large proportion of global fraud cases also originates there.

Ant International also plans to offer its Alipay+ partners a real-time AI analysis tool for both offline and online wallet transactions called EasySafePay 360. The tool is designed to block fraud attempts and combat account takeovers.

Alipay+, a payment integration platform designed by Ant International for merchants, enables businesses to accept more than 35 digital wallets from various countries, primarily in the APAC region. It connects over 100 million merchants to 1.7 billion user accounts.

EasySafePay will offer wallet users a Money-Back Guarantee compensation system for unauthorised transactions. To participate in the compensation system, users must complete an approval process that involves user verification, according to the company’s release.

Article Topics

Alipay  |  Asia  |  digital ID  |  digital payments  |  Digital Wallet Guardian Partnership  |  digital wallets