Introduction

Malaysia's digital payment landscape is dynamic, with several key online platforms facilitating seamless transactions for businesses and consumers. These providers, including established names like iPay88 and eGHL alongside global players like Stripe and PayPal, offer diverse solutions encompassing online banking, credit/debit cards, and popular local e-wallets. Businesses in Malaysia have a range of reliable and secure options to choose from, each with its own strengths in terms of supported payment methods, fees, and integration capabilities.

Online payment providers in Malaysia

In Malaysia's rapidly evolving digital landscape, several online digital payment platforms have emerged as key players, facilitating seamless transactions for businesses and consumers alike. These platforms, often referred to as payment gateways or e-wallets, provide secure and convenient methods for online payments, supporting various options such as credit/debit cards, online banking, and e-wallets.

Here are some of the best online digital payment platform providers in Malaysia:

1. Transfi: Transfi is a global payment platform focused on facilitating seamless cross-border transactions for businesses. It offers solutions for sending and receiving payments across numerous countries and currencies, often highlighting low processing fees and fast transaction speeds. Transfi supports various payment methods and aims to simplify international payments by providing a user-friendly platform with features like multi-currency payouts and collections. They also emphasize security and compliance in their cross-border payment services.

2. iPay88 (now known as NTT DATA e-Commerce Solutions Sdn. Bhd.): A leading and well-established Malaysian payment gateway. It supports various payment methods, including FPX (online banking), credit cards, and local e-wallets. iPay88 is known for its reliability and security features, making it a popular choice for businesses of all sizes.

3. eGHL: Part of GHL Systems, eGHL offers robust and localized payment solutions. It supports FPX, major credit cards, and e-wallets like Boost. eGHL is recognized for its strong security measures and localized approach, catering well to the Malaysian market.

4. Razer Merchant Services (formerly MOLPay): A prominent player in Southeast Asia, offering a wide range of payment options, including online banking, credit cards, and e-wallets like Touch 'n Go. It's designed for high-volume retailers and incorporates fraud filters and security features.

5. senangPay: As the name suggests, senangPay focuses on providing a simple and user-friendly payment gateway, particularly suitable for small and medium-sized businesses. It supports FPX, credit cards, and selected e-wallets, with a straightforward setup process.

6. Billplz: Widely used by nonprofits and small businesses, Billplz combines payment collection with invoicing features. It supports FPX and local e-wallets, offering a simplified interface for billing and payment tracking.

7. Stripe: A global payment processing platform with a strong presence in Malaysia. It supports a wide array of payment methods, including credit cards, debit cards, and digital wallets. Stripe is known for its flexibility, developer-friendly APIs, and suitability for businesses with international reach.
8. PayPal: A globally recognized digital payment platform that enables users to link their bank accounts or cards for online transactions. While not as commonly used as some local options in Malaysia, it's valuable for businesses dealing with international customers.

9. Curlec: This platform focuses on providing a superior checkout experience with support for multiple payment methods, including credit/debit cards, e-wallets, and FPX. Curlec emphasizes ease of integration and strong customer support.

10. Xendit: A Southeast Asian payment gateway that allows businesses to accept payments through various methods, including credit cards, virtual accounts, bank transfers, and e-wallets. Xendit aims to simplify the payment process for businesses expanding across the region.

11. HitPay: Designed for small businesses, HitPay offers easy and affordable payment solutions, supporting FPX, DuitNow, credit cards, and e-wallets like GrabPay.

When choosing a digital payment platform, businesses in Malaysia should consider factors such as transaction fees, supported payment methods relevant to their customer base, security features, ease of integration with their existing systems, and the quality of customer support provided.

To avoid high fees and easy setting up for carrying out international transfers, checkout Transfi’s Bizpay and avail the maximum benefits across countries.

Cross-border payment platforms in Malaysia

In Malaysia, several platforms facilitate cross-border payments, catering to both businesses and individuals needing to send or receive money internationally. These platforms offer various features such as multi-currency support, competitive exchange rates, and different transfer methods.

Here are some prominent cross-border payment platforms available in Malaysia:

Payment Gateways with Cross-Border Capabilities:

1. Transfi: cross-border payment solutions for businesses, supporting various currencies and payment methods. It provides services all across the globe.

2. iPay88 (NTT DATA e-Commerce Solutions Sdn. Bhd.): Supports multiple currencies and facilitates cross-border transactions for businesses, focusing on Southeast Asia.

3. eGHL: Accepts various international currencies and payment methods, suitable for businesses with a regional presence.

4. Razer Merchant Services (formerly MOLPay): While strong in Southeast Asia, it supports a limited number of international currencies.

5. Stripe: A global platform supporting over 135 currencies, ideal for businesses with a worldwide customer base.

6. PayPal: A widely recognized global platform that supports numerous currencies, useful for international transactions, although it may have higher fees for cross-border transfers.

7. Xendit: A Southeast Asian payment gateway enabling businesses to accept payments through various methods across the region.

8. Mural Pay: Focuses on instant global payments and multi-currency payouts, supporting over 40 currencies.

Dedicated International Money Transfer Services:

1. Transfi: cross-border payment solutions for businesses, supporting various currencies and payment methods. It provides services all across the globe.

2. Wise (formerly TransferWise): Known for its transparent fees and real exchange rates, it's a popular choice for individuals and businesse.

3. WorldRemit: Offers online money transfers to numerous countries with various payout options.

4. Instarem: Provides fast and low-cost international money transfers with competitive exchange rates.

5. Maybank Overseas Transfer: Enables transfers through various methods like M2U Visa Direct, Western Union, Foreign Telegraphic Transfer, Maybank-Bakong Transfer (for Cambodia), and DuitNow Overseas Transfer.

6. Unimoni: Offers wire transfers and other methods for sending money internationally.

How to choose a payment provider in Malaysia

Key Considerations When Choosing a Platform: 

• Supported Currencies: Ensure the platform supports the currencies you need for your transactions.

• Fees and Exchange Rates: Compare the fees, commissions, and exchange rates offered by different platforms. Some may have transparent fees, while others might have hidden charges or less favorable exchange rates.
• Transfer Speed: Check the estimated transfer time, especially if speed is critical for your needs.

• Payment Methods: Consider the available payment methods for sending and receiving funds (e.g., bank transfers, cards, e-wallets).

• Security: Ensure the platform has robust security measures to protect your financial data and transactions.

• Ease of Use and Integration: Evaluate the platform's user interface and how easily it integrates with your existing systems.

• Customer Support: Check the availability and quality of customer support in case you encounter any issues.

The best platform for you will depend on your specific requirements, such as the volume and frequency of transactions, the countries you're dealing with, and your budget. Checkout Transfi’s Bizpay for easier transactions, faster payouts and collections and simplified transfers.

^{“With TransFi BizPay, Malaysian businesses can unlock seamless cross-border payments and collections, expanding globally without the usual operational roadblocks. It’s fast, cost-effective, and built for scale.” - Rahul Sahni, COO & CPO TransFi}

Conclusion

In conclusion, Malaysia's digital payment ecosystem is a vibrant and evolving space, offering a diverse array of platforms to cater to both domestic and international transaction needs. From well-established local gateways like iPay88 and eGHL facilitating seamless online payments within the nation, to global powerhouses like Transfi, Stripe and PayPal enabling cross-border commerce, businesses and individuals have a wealth of options at their disposal. The emergence of specialized international transfer services like Wise and Instarem, alongside platforms like the newly introduced Transfi focusing on efficient global payments, further underscores the growing sophistication and accessibility of cross-border financial transactions. Ultimately, the optimal choice of payment platform hinges on individual or business requirements, demanding careful consideration of factors such as transaction fees, supported currencies, security protocols, and user-friendliness. As digital adoption continues to surge in Malaysia, these robust and varied payment solutions will undoubtedly play a pivotal role in shaping the future of commerce and financial interactions, both locally and on the global stage.

Frequently asked questions (FAQs)

1. How to choose a payment provider in Malaysia?

• Identify your needs: Local vs. international payments?
• Consider your business type/size: SME vs. enterprise?
• Check supported payment methods: Cards, online banking (FPX), e-wallets (Touch 'n Go, GrabPay, etc.)?
• Compare transaction fees: Look for processing fees, setup costs, etc.
• Evaluate security features: PCI DSS compliance, fraud prevention.
• Assess integration ease: With your website/platform.
• Check supported currencies: If you handle international transactions.
• Review settlement times: How quickly do you receive funds?
• Consider customer support: Availability and responsiveness.
• Read reviews and reputation: What do other users say?
• Scalability: Can the provider grow with your business?
• Compliance with local regulations: Bank Negara Malaysia guidelines.
• User-friendliness: For both you and your customers.
• Additional features: Invoicing, recurring payments, etc.
• Test their platform: If possible, try a demo or trial.

2. What are some of the online payment providers in Malaysia?

• Transfi
• iPay88 (now known as NTT DATA e-Commerce Solutions Sdn. Bhd.)
• eGHL
• Razer Merchant Services (formerly MOLPay)
• senangPay
• Billplz
• Stripe
• PayPal

3. What are the Cross-border payment platforms in Malaysia?

• Transfi
• iPay88 (now known as NTT DATA e-Commerce Solutions Sdn. Bhd.)
• eGHL
• Razer Merchant Services (formerly MOLPay)
• Stripe
• PayPal
• Wise (formerly TransferWise)
• WorldRemit
• Instarem
• Maybank Overseas Transfer
• Unimoni

4. How to accept online payments in Malaysia?

To accept online payments in Malaysia, businesses typically need to integrate with a payment gateway or use a platform that provides built-in payment processing. This involves setting up a merchant account with the chosen provider and integrating their system with your website or online store. You'll need to decide on the payment methods you want to accept, such as credit/debit cards, online banking (FPX), and e-wallets popular in Malaysia like Touch 'n Go, GrabPay, and Boost. The payment gateway securely processes the transaction between the customer, your website, and the bank, ensuring that sensitive payment information is protected. Once the payment is authorized, the funds are typically settled into your business bank account according to the provider's schedule.

5. What are some of the secure digital payment systems for Malaysian SMEs?

For secure online payments, Malaysian SMEs can consider established payment gateways like iPay88, eGHL, Razer Merchant Services, senangPay, and global platforms such as Transfi, Stripe and PayPal. Popular e-wallets like Touch 'n Go, GrabPay, and Boost also offer secure transaction methods. Additionally, Transfi provides a secure platform for digital payments. Ensuring PCI DSS compliance, strong encryption, and fraud prevention features are crucial when selecting any payment system. FPX and DuitNow QR offer secure local payment options as well.