In Malaysia’s growing digital economy, choosing the right payment gateway is crucial for business success. Whether you’re an e-commerce startup or an established enterprise, selecting a gateway that offers secure transactions, multi-currency support, and low fees is essential. This article covers the top 10 payment gateways in Malaysia, answering key questions about their fees, features, and popular payment methods, ensuring businesses make informed decisions.
Top Online Payment Methods in Malaysia
Malaysia’s digital payment landscape has evolved rapidly, driven by the rise in e-commerce and mobile usage. The top online payment methods in Malaysia offer a combination of convenience, security, and efficiency, catering to both local and international businesses.
- FPX (Financial Process Exchange)
FPX is the most widely used online payment method in Malaysia. It allows customers to pay directly through their online banking accounts, supporting multiple banks in the country. With real-time transactions, FPX is favored by e-commerce merchants for its seamless integration and high-security standards. It caters to a wide range of users, from individuals to large corporations. The ease of use and instant payment confirmation make it a top choice for online transactions. - eWallets (GrabPay, Boost, Touch ‘n Go)
eWallets have gained significant traction in Malaysia, particularly due to the rise in mobile commerce. GrabPay, Boost, and Touch ‘n Go are among the most popular eWallets. These digital wallets allow users to store funds and make payments using their smartphones, providing a cashless and cardless payment experience. eWallets offer promotions and cashback rewards, making them highly attractive for consumers. For businesses, eWallets provide quick transaction processing and appeal to a younger, tech-savvy audience. - Credit and Debit Cards
Visa and Mastercard remain essential for online payments in Malaysia, especially for international transactions. While local payment methods like FPX and eWallets dominate, credit and debit cards are still preferred for higher-value purchases or recurring payments, such as subscriptions. Most businesses integrate payment gateways that support both local and international card payments, ensuring they can cater to a global customer base. - PayPal
PayPal is a preferred method for international transactions, particularly among freelancers, small businesses, and individuals dealing with overseas clients. It allows for fast, secure payments across borders, supporting multiple currencies. While PayPal fees can be higher compared to local options, its global reach and buyer protection features make it indispensable for cross-border e-commerce. - Buy Now, Pay Later (BNPL) Services
BNPL options such as Atome and Grab’s PayLater are becoming increasingly popular in Malaysia. These services allow consumers to split their purchases into interest-free installments, encouraging more spending while providing flexibility. BNPL options are particularly attractive to millennials and Gen Z shoppers, boosting conversion rates for businesses.
- iPay88
iPay88 is the leading payment gateway in Malaysia, offering a wide range of payment solutions, including credit/debit cards, FPX, and e-wallets. It’s known for seamless integration with e-commerce platforms like Shopify and WooCommerce.
- Popular Payment Methods: FPX, Credit/Debit Cards, eWallets (GrabPay, Boost)
- Fees: A setup fee of RM488 and transaction fees from 2% onwards
- Why Choose iPay88? Secure, reliable, and recognized by major platforms.
- toyyibPay
toyyibPay is often touted as the most affordable payment gateway in Malaysia, making it a great choice for small and medium businesses. It supports online payments through local bank transfers and cards with no setup fees.
- Popular Payment Methods: FPX, Visa, Mastercard
- Fees: As low as RM1.50 per transaction
- Why Choose toyyibPay? Low-cost, simple setup, and minimal fees.
- eGHL
eGHL is popular for its cross-border payment options, supporting international merchants looking to accept payments from various countries in Southeast Asia. It offers a variety of payment methods and multi-currency support.
- Popular Payment Methods: FPX, Credit/Debit Cards, PayLater
- Fees: Transaction fees range from 2.5% to 3.5%
- Why Choose eGHL? Multi-currency support and ideal for cross-border transactions.
- Razer Merchant Services
Formerly known as MOLPay, Razer Merchant Services offers robust security features and accepts payments from local and international customers. It’s ideal for high-traffic businesses that need reliable and secure payment processing.
- Popular Payment Methods: FPX, eWallets, Credit/Debit Cards
- Fees: Custom pricing based on volume
- Why Choose Razer Merchant Services? Comprehensive fraud protection and local/global payment acceptance.
SenangPay focuses on ease of use for Malaysian businesses, offering quick setup and integration with various online platforms. It’s best suited for small businesses and startups looking for a simple payment solution.
- Popular Payment Methods: FPX, Visa, Mastercard
- Fees: Transaction fees of 1.5% to 2.5%
- Why Choose SenangPay? Easy integration, affordable fees, and excellent customer service.
- HitPay
HitPay is a rising gateway in Malaysia, providing businesses with easy integration for online and offline payments. It supports a wide range of payment methods, including digital wallets and bank transfers.
- Popular Payment Methods: GrabPay, Boost, FPX
- Fees: 2.5% to 3.5% transaction fees
- Why Choose HitPay? Great for omnichannel businesses, supporting both online and offline payments.
- PayPal Malaysia
As a globally trusted brand, PayPal is ideal for businesses catering to international customers. However, its fees are higher compared to local gateways.
- Popular Payment Methods: PayPal balance, Credit/Debit Cards
- Fees: Transaction fees up to 4.4% + fixed fees for cross-border transactions
- Why Choose PayPal? Global acceptance and a trusted brand for international transactions.
Stripe has made its mark in Malaysia by offering a developer-friendly API for businesses needing highly customizable payment solutions. It’s perfect for tech-savvy businesses and enterprises looking for flexible payment options.
- Popular Payment Methods: Credit/Debit Cards, FPX
- Fees: 3% + RM1.00 per transaction
- Why Choose Stripe? Customizable integration and ideal for tech-driven businesses.
- Billplz
Billplz focuses on simplicity and low transaction fees, making it suitable for startups, freelancers, and small businesses. It’s also known for fast payment settlements.
- Popular Payment Methods: FPX, Credit/Debit Cards
- Fees: RM1.50 per transaction
- Why Choose Billplz? Fast settlements and low transaction fees.
- Gkash
Gkash provides multi-currency processing, making it a popular choice for businesses that require cross-border transactions. It also offers various payment methods, including e-wallets.
- Popular Payment Methods: Credit/Debit Cards, FPX, eWallets
- Fees: 2.5% to 3% per transaction
- Why Choose Gkash? Strong cross-border support and comprehensive payment options.
FAQs
- Which is the best payment gateway in Malaysia?
iPay88 is the best payment gateway for overall features, secure processing, and wide acceptance across platforms. - What is the popular payment method in Malaysia?
FPX (Financial Process Exchange) and eWallets like GrabPay and Boost are popular payment methods in Malaysia. - What is the payment gateway fee in Malaysia?
Fees vary depending on the provider. For example, iPay88 charges around 2%, while toyyibPay offers low-cost options starting at RM1.50 per transaction. - Which online payment app is best in Malaysia?
For online payment apps, GrabPay is widely used for its integration with various merchants and services, while PayPal is preferred for international transactions.
Conclusion
Malaysia offers a wide range of payment gateway options, from iPay88’s robust platform to toyyibPay’s affordability. Selecting the right payment gateway depends on your business’s needs, whether it’s low transaction fees, multi-currency support, or seamless integration with local and global payment methods. By understanding each gateway’s features and costs, businesses can optimize their payment solutions and ensure smoother transactions, ultimately improving customer satisfaction and growing their business in the digital economy.