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Digital Wallet Guardian Partnership focuses on AI-powered risk solutions, best practices
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Wallet partners set to adopt Alipay+ EasySafePay 360 solution designed to cut account takeover risk by 90%
Payment leaders in Asia are initiating the Digital Wallet Guardian Partnership, designed to further strengthen the protection of global wallet payments, as digital wallets rapidly become the preferred choice for everyday transactions among consumers in Asia and around the world.
Ant International, a leading global digital payment, digitisation and financial technology provider, AlipayHK, Hong Kong’s most-used e-wallet, and TNG eWallet, Malaysia’s most preferred e-wallet, will focus on three areas of collaboration under the partnership:
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Technology innovation: collaborate on the development and deployment of safety solutions by harnessing artificial intelligence, privacy-preserving computing and other advanced technologies.
Knowledge collaboration: establish knowledge-sharing mechanisms, including conducting workshops focused on evolving risk patterns and trends, and exchange of best practice.
Stakeholder engagement: launch joint awareness campaigns to educate consumers and merchants on how to recognise, avoid, and respond to various risks.
The Asia Pacific region leads the world in digital payment adoption, accounting for nearly two-thirds of global digital wallet spend at US$9.8 trillion, with the highest wallet penetration rates among all regions.1 Alipay+, the global e-wallet gateway by Ant International, has been promoting cross-border payment interoperability in the region, which is crucial in boosting digital payment adoption. Alipay+ now partners with 36 e-wallets and six national QR schemes, most of them from the APAC region, connecting over 100 million merchants to 1.7 billion user accounts.
Given the high adoption rate of digital payments in Asia, 42% of global fraud cases also originate there. Digital wallets have become prime targets, with 15% of wallet accounts compromised in 2023 alone. Among different threats, account takeover frauds rose by 28%, making this a major concern among digital wallet users in Asia2.
Combating payment fraud and account takeovers in initial phase with Alipay+ EasySafePay 360
In the initial phase of the partnership, wallet partners are scheduled to adopt Alipay+ EasySafePay 360, an AI-powered account protection solution for both offline and online wallet transactions, to combat account takeovers. E-wallet operators can expect the Ant International-developed solution to significantly lower the incidence of account takeovers, enhancing users’ trust in their service. EasySafePay demonstrated a 90% reduction in account takeover risk during trial deployment.
By using real-time AI analysis of various types of payment information, EasySafePay builds dynamic risk models to proactively identify and block fraudulent activities. Industry-leading privacy computing ensures secure, integrated analysis across multiple information sources without compromising user privacy.
Wallet users can access a Money-Back Guarantee compensation system offered by EasySafePay, through which Ant International provides full compensation on unauthorised transactions. For compensation requests for unauthorised transactions, an AI-powered approval system further streamlines user verification, boosting efficiency by 90% and accuracy above 95%.
A one-stop user portal offered by EasySafePay is available for wallet operators to integrate into their own platforms so they can address user concerns more efficiently with a suite of customisable tools.
EasySafePay protects online transactions too, including e-commerce transactions and subscriptions of streaming and app-store services. Consumers enjoy one-click payments without the need for redirection to a separate app or browser window for confirmation. Initial estimates have noted that this reduction in friction can improve conversion rates for merchants by up to 10%, boosting their revenue.
Alan Ni, Chief Executive Officer of TNG Digital, shared that “At TNG Digital, the trust of our 24 million and growing verified (eKYC-ed) users and over 2 million merchants is our greatest asset, and safeguarding that trust is non-negotiable. As TNG eWallet becomes an essential part of everyday life in Malaysia and across the region, this partnership allows us to combine advanced technologies and shared knowledge, to strengthen defences against evolving risks. By working together, we are not only protecting our users’ money and data, but also ensuring that everyone, from individuals to businesses, can rely on a secure, inclusive and transparent digital economy.”
“With the rise of e-payments in Hong Kong, security innovation is crucial for user trust,” said Venetia Lee, CEO of AlipayHK. “We safeguard our 4.5 million active users with 24/7 AI monitoring, customisable protections, and regular anti-fraud tips. By advancing our multi-layered security and working with partners on risk management, we’re committed to making digital payments in Hong Kong both secure and convenient.”
“While AI enhances our ability to manage risks, it also introduces new challenges that we must proactively address. Through this partnership, Ant International is dedicated to working closely with our partners to co-develop and share advanced risk-management capabilities. Together, we aim to stay ahead of emerging threats, making digital wallet more secure, so as to drive growth in global travel and commerce,” says Tianyi Zhang, General Manager of Risk Management and Cybersecurity at Ant International.
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