Top 10 Payment Gateways in Malaysia You Need to Know (2024)

When running an online business in Malaysia, choosing the right payment gateway is crucial for your success.
The best payment gateways offer a blend of reliability, security, and ease of use, making it easier for you to collect payments from customers. With many options available, knowing the differences between them can help you select the one that best meets your needs.

This article will compare the top 10 payment gateways in Malaysia, detailing their features, fees, and compatibility with e-commerce platforms. Understanding these gateways will empower you to make informed decisions that align with your business goals and customer expectations.

Key Takeaways

• Select a payment gateway that suits your specific business type and size.
• Look for features like security, user experience, and transaction fees.
• Know how various payment gateways integrate with your existing systems.

What Is A Payment Gateway?

A payment gateway is a service that processes credit cards and other types of payments for online and brick-and-mortar businesses. It acts as a bridge between the customer’s bank and your business’s bank.

When a customer makes a purchase, the payment gateway securely captures their payment information. It then encrypts this data to ensure it is transmitted safely.

Key functions of a payment gateway include:

• Authorisation: Verifying that the customer’s payment method has sufficient funds.
• Transaction Processing: Completing the payment by transferring funds.
• Security: Protecting sensitive information during the transaction.

Payment gateways can provide various features. Some may include:

• Support for multiple payment methods.
• Easy integration with e-commerce platforms.
• Real-time transaction tracking and reporting.

Selecting the right payment gateway is essential for your business, regardless of whether you primarily advertise on social media platforms like TikTok(Link to our article: What is The Best Time To Post on TikTok Malaysia in 2024?) or Instagram. A suitable payment gateway ensures smooth transactions, enhances customer trust, and ultimately contributes to your business’s success. The best options offer not just reliability but also security and ease of use for your customers.

To explore the best payment gateways in Malaysia, consider resources that compare their features, fees, and compatibility. For instance, you can check this guide on the top payment gateways in Malaysia.

Top 10 Payment Gateways in Malaysia

To help you determine the best payment gateway for your business needs, we’ve compiled a comprehensive comparison of the top 10 payment gateways available in Malaysia. This analysis will guide you in making an informed decision tailored to your specific requirements.

Selecting a suitable payment gateway is crucial for your business. The right choice enhances security, streamlines transactions, and improves customer experience. Here are some of the top options available in Malaysia.

1. iPay88

iPay88 is one of the most widely used payment gateways in Malaysia, and it is known for its user-friendly interface and reliable service. It allows businesses to process transactions seamlessly, supporting multiple payment methods such as credit and debit cards, online banking, and popular e-wallets like Boost and GrabPay. This flexibility ensures that businesses can cater to a wide range of customers with different payment preferences.

In addition to its extensive payment options, iPay88 prioritises security, adhering to PCI DSS standards to protect sensitive financial data. Its robust system is designed to handle high transaction volumes, making it suitable for businesses of all sizes.

Key Benefits Include:

• Multi-currency support: Useful for businesses with international customers.
• Robust security: PCI DSS compliant, ensuring that transactions are safe.
• Integration options: Easy to integrate with various e-commerce platforms.

Setup Fee: RM527.04
Annual Fee: RM419.04
Accepted Payment Methods: Boost, TnGoPay, GrabPay, ShopeePay, MaybankQR, NetsQR, Mcash, Mastercard, Visa

Businesses appreciate iPay88 for its reliability and comprehensive reporting tools. These features allow you to track sales efficiently.

2. SenangPay

SenangPay is a payment gateway designed with simplicity and efficiency in mind, making it a perfect solution for small and medium-sized businesses. It offers a hassle-free setup process, allowing merchants to get their accounts up and running in just minutes without the need for technical expertise. This ease of use makes SenangPay particularly attractive to business owners who want a straightforward payment system.

Despite its simplicity, SenangPay supports a wide range of payment methods, including credit cards, online banking, and e-wallets, ensuring businesses can offer flexible options to their customers. The platform also prioritises security, giving businesses and their clients peace of mind during transactions.

Key Benefits Include:

• No monthly fees: Pay only a small transaction fee.
• Local bank transfers: Offers FPX for bank transactions.
• Customisable buttons: Easily tailor the payment experience.

Setup Fee: None
Annual Fee: RM 450.00
Accepted Payment Methods: Affin Bank, AmBank, Bank Islam, Bank Rakyat, Bank Muamalat, CIMB Bank, Hong Leong Bank, Maybank, OCBC Bank, Public Bank, RHB, Standard Chartered and More! 

Users value SenangPay for its straightforward approach, making it easy to manage payments.

3. Billplz

Billplz is a payment platform tailored for businesses that need to manage invoices effortlessly. With its user-friendly interface, Billplz allows users to quickly generate payment links, streamlining the transaction process for both businesses and customers. This makes it a convenient choice for businesses looking to simplify their payment collection.

In addition to its invoicing features, Billplz supports multiple payment options, including online banking and e-wallets, giving customers flexibility in how they pay. Its focus on ease of use and efficient payment processing makes it an ideal solution for businesses of all sizes.

Key Benefits Include:

• Direct bank deposits: Fast and secure payments.
• Flexible payment options: Include credit cards and FPX.
• Real-time analytics: Helps you monitor payment activity.

Setup Fee: None
Annual Fee: None
Accepted Payment Methods: Online banking, credit cards, debit cards.

Billplz appeals to startups and local businesses due to its low costs and effective invoicing solutions.

4. eGHL

eGHL is a widely used payment gateway known for its comprehensive services tailored specifically to e-commerce businesses. It offers a broad range of payment options, including credit cards, online banking, and e-wallets, making it highly convenient for both customers and merchants. This flexibility ensures that businesses can cater to diverse customer preferences, enhancing the overall shopping experience.

Additionally, eGHL provides a secure and efficient platform for processing transactions, ensuring smooth payment operations. Its easy integration with e-commerce platforms and focus on reliability make it a go-to choice for businesses looking to expand their online presence.

Key Benefits Include:

• Comprehensive reporting tools: Monitor sales and track performance.
• Multi-channel support: Accept payments through websites, apps, and even in person.
• Extensive fraud detection: Enhances security for all transactions.

Setup Fee: Starter – RM 399.00
Annual Fee: RM 399.00 (Year 2 Onwards)
Accepted Payment Methods: Many payment options 

Many businesses turn to eGHL for its reliability and comprehensive service options.

5. Stripe

Stripe is renowned globally for its robust and versatile payment solutions, making it a top choice for online businesses. It offers a range of powerful features, including customisable payment flows, subscription management, and support for multiple currencies, catering to businesses with more advanced payment needs.

Stripe’s platform is designed for flexibility and scalability, allowing companies to tailor their payment systems as they grow. Its seamless integration, developer-friendly tools, and security measures make it especially suited for businesses that require sophisticated and reliable payment solutions.

Key Benefits Include:

• API integration: Highly customisable for developers.
• Global reach: Accept payments from various countries and currencies.
• Subscription management: Ideal for businesses with recurring billing.

Setup Fee: None
Annual Fee: None
Accepted Payment Methods: Multiple Payment Methods Accepted

Users appreciate Stripe’s innovation and user-friendly interface, making it a top choice for tech-savvy enterprises.

6. 2C2P

2C2P is designed for businesses that need a comprehensive and scalable payment infrastructure, making it an ideal solution for large e-commerce platforms. Its wide range of payment options, including credit cards, online banking, and regional payment methods, allows businesses to cater to diverse customer needs across different markets.

The platform is especially popular among large-scale businesses due to its ability to handle high transaction volumes with efficiency and security. With robust fraud detection and compliance features, 2C2P ensures reliable and secure transactions, making it a trusted choice for growing enterprises.

Key Benefits Include:

• Multi-payment capabilities: Accepts credit cards, bank transfers, and e-wallets.
• Advanced security: PCI DSS compliant to safeguard data.
• Support for multiple currencies: Useful for international sales.

Setup Fee: RM 500.00
Annual Fee: RM 500.00
Accepted Payment Methods: Multiple Payment Methods Accepted

2C2P is chosen for its comprehensive services, making it appealing to larger businesses looking for scalable payment solutions.

7. Rapyd

Rapyd offers a highly versatile payment platform that supports both local and global transactions, making it an ideal choice for businesses with diverse payment needs. Its broad range of payment methods, including bank transfers, e-wallets, and cards, ensures businesses can cater to customers worldwide.

What sets Rapyd apart is its focus on flexibility, allowing businesses to adapt the platform to suit various business models, from e-commerce to fintech. This adaptability, combined with its secure and efficient processing, makes Rapyd a reliable option for companies seeking comprehensive payment solutions across multiple markets.

Key Benefits Include:

• Extensive local payment options: Cater to diverse customer preferences.
• Unified payments platform: Simplifies managing multiple payment methods.
• Tax compliance: Helps businesses navigate local regulations.

Setup Fee: None
Annual Fee: None
Accepted Payment Methods: Debit and cash, instant transfers, payments bank, e-wallets and more!   

Many companies favour Rapyd’s adaptability and capacity to handle complex payment needs effectively.

8. Razer Merchant Services (Fiuu) 

Razer Merchant Services, now known as Fiuu, is an emerging payment gateway that specialises in serving gaming and e-sports businesses. It provides tailored payment solutions designed specifically for these niche markets, offering seamless integration with gaming platforms and ensuring a smooth transaction experience for both players and companies.

With support for multiple payment methods, including credit cards, online banking, and e-wallets, Razer Merchant Services allows businesses to cater to the unique needs of the gaming community. Its focus on innovation and adaptability makes it an excellent choice for businesses looking to thrive in the fast-paced world of gaming and e-sports.

Key Benefits Include:

• Payment Flexibility: Supports various payment methods that are popular among gamers.
• Loyalty rewards: Attracts and retains customers through loyalty schemes.
• User-friendly dashboard: Simple management of your payments and sales.

Setup Fee: RM 499.00
Annual Fee: RM 499.00 (Year 2 Onwards)
Accepted Payment Methods: Multiple Payment Methods Accepted

Gamers and tech-savvy businesses often choose Razer Merchant Services for its innovative offerings and strong customer support.

9. Maybank

Maybank, one of Malaysia’s most established and trusted banks, offers a reliable payment gateway solution designed to meet the needs of businesses across various industries. Known for its secure and efficient transaction processing, Maybank’s payment gateway ensures that both merchants and customers can enjoy a seamless payment experience.

With a strong focus on security, the gateway supports multiple payment methods, including credit and debit cards, online banking, and e-wallets, making it versatile for businesses of all sizes. As a trusted financial institution, Maybank also provides excellent customer support, further enhancing its reputation as a dependable choice for payment solutions.

Key Benefits Include:

• Integrated banking services: Offers seamless transactions with your Maybank account.
• Wide user base: Many customers already trust Maybank for their banking needs.
• Robust security measures: Ensures safe online transactions.

Setup Fee: None
Annual Fee: (If Applicable)
Accepted Payment Methods: Multiple Payment Methods Accepted 

Maybank is favoured for its reliability and excellent customer support, making it a solid choice for those needing a trusted service.

10. PayHalal

PayHalal is a distinctive payment gateway specifically designed for halal businesses, ensuring that all transactions comply with Islamic principles. This platform supports a wide variety of payment methods, including credit and debit cards, online banking, and e-wallets, providing flexibility for both merchants and customers.

By focusing on the halal market, PayHalal not only meets the financial needs of businesses but also adheres to the ethical standards that are important to their clientele. Its commitment to compliance and security makes it an ideal choice for halal businesses seeking a reliable payment solution that aligns with their values.

Key Benefits Include:

• Halal certification: Ensures all transactions adhere to halal standards.
• Support for local currencies: Streamlines transactions for local businesses.
• User-friendly interface: Easy setup and management.

Setup Fee: RM 250.00
Annual Fee: RM 250.00
Accepted Payment Methods: Multiple Payment Methods Accepted

Businesses catering to the Muslim community often select PayHalal for its specific focus and commitment to ethical payments.

How To Select The Right Payment Gateway For You?

Selecting the right payment gateway is crucial for your business, as there are certain factors to look at when comparing each service available. Here are key factors to consider:

1. Fees and Costs
Look for transaction fees, monthly fees, and setup costs. Compare different providers to find one that fits your budget. Even small fees can add up.

2. Security Features
Ensure the payment gateway has strong security measures. Look for features like PCI compliance and fraud detection. This protects both you and your customers.

3. Integration
Choose a gateway that easily integrates with your existing systems. This could be your e-commerce platform or accounting software. Seamless integration saves time and effort.

4. Payment Methods
Consider the types of payments you want to accept. Some gateways offer credit cards, while others may support digital wallets or bank transfers. Choose one that fits your customer preferences.

5. Customer Support
Reliable customer support is important. Check the availability of support channels like live chat or phone. Quick support can help you resolve issues quickly.

6. User Experience
A straightforward checkout process enhances customer satisfaction. Look for gateways that offer customisation options and a clean interface.

By focusing on these aspects, you can select a payment gateway that matches your business needs. Taking the time to research and compare options helps ensure your decision is informed.

Conclusion

Choosing the right payment gateway is vital for the success of your online business in Malaysia. With the top 10 payment gateways outlined above, you now have a clearer understanding of the options available, their features, fees, and compatibility with various e-commerce platforms. Whether you’re a small startup or a large enterprise, selecting a payment gateway that aligns with your business needs and customer preferences can enhance the overall payment experience. 

Consider factors such as security, ease of integration, and payment method diversity when making your choice. As the digital landscape evolves, having a reliable payment gateway will not only facilitate transactions but also build trust with your customers. By investing the time to evaluate these gateways, you empower your business to thrive in the competitive online marketplace.

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Frequently Asked Questions

Several specific factors play a crucial role when choosing a payment gateway in Malaysia. You must understand transaction costs, consumer preferences, security features, integration processes, and regulatory compliance.

Which factors should be considered when choosing a payment gateway in Malaysia?

Select a payment gateway based on transaction fees, user experience, and available payment options. Evaluate the integration process, customer support, and any additional features that may benefit your business. Consider the gateway’s compatibility with your current e-commerce platform.

What are the transaction costs associated with various Malaysian payment gateways?

Transaction costs can vary widely among payment gateways. Some may charge a flat fee per transaction, while others might take a percentage of each sale. It is essential to analyse the fee structures of different providers to find one that aligns with your business model.

How do consumer preferences in Malaysia influence the choice of payment gateways?

Consumers in Malaysia often prefer gateways that offer local payment options, such as online banking and e-wallets. Understanding these preferences can help you choose a gateway that meets customer expectations and improves conversion rates. Focus on providers that support popular local payment methods.

What security features are paramount when evaluating payment gateways for use in Malaysia?

Look for payment gateways that offer advanced security features, such as PCI DSS compliance, encryption, and fraud detection tools. These features help protect sensitive customer information and build trust in your e-commerce platform. Prioritising security can enhance customer confidence during transactions.

How does the integration process for payment gateways compare among top providers in Malaysia?

The integration process can vary significantly among payment gateways. Some offer easy, one-click integration, while others require more technical expertise. Choose a provider that offers clear documentation and support to help simplify this process for your team.