The rise of online banking and payments has revolutionized the way consumers conduct their business transactions. It has also greatly impacted the traditional banking industry. As more companies in Malaysia open their own e-commerce websites, the country's e-commerce sector is expected to grow even more.

A payment gateway is an essential part of any online business in Malaysia. It can help you accept payments from your customers.

It is very important that you choose a reliable and secure payment gateway for your online business. These payment gateways can help you run an online business, such as selling products or services through an e-commerce website.

In this article, we will talk about the cashless payment methods in Malaysia, various types of payment gateways in Malaysia, and provide payment gateway comparisons in Malaysia.

In Southeast Asia, Malaysia is considered to be one of the fastest-growing digital countries. The country's population is 32.98 million, with over 89.6 percent mobile internet penetration.

The payment industry is now more focused on the new generation of consumers due to the rise of smartphones. Traditional wallets are no longer able to meet the needs of the new generation of consumers with smartphones and E-Wallets. According to statistics, over 90% of Malaysians use mobile devices to access the internet. The e-commerce market is expected to reach US$30 billion by 2025.

Let’s look at the top online payment methods in Malaysia.

Credit cards

With a credit card, customers borrow money from a bank and agree to pay the interest on the borrowed funds in the future. According to the Global Payments report, over 27% of all sales transactions in Malaysia are made through credit cards, and 19% of e-commerce transactions are made through them.
Payment gateways are commonly used by banks in Malaysia to facilitate credit card transactions. They have partnered with various payment brands such as Mastercard, Visa, American Express, and Maestro. Over 200 countries have accepted Mastercard and VISA.

Bank transfers

A bank transfer transaction is a type of financial transaction that allows businesses to send and receive funds from one bank to another. It's very secure as it allows them to send and receive unlimited amounts of money.
In Malaysia, bank transfers are preferred for business-to-business (B2B) fund transfers. They account for over 30% of e-commerce transactions.
Top Banks in Malaysia:

  • Maybank
  • Affin Bank
  • Alliance Bank
  • AmBank Group
  • RHB Bank
  • Hong Leong Bank
  • Public Bank

Digital wallets

In total, digital wallets have contributed to over 15% of all transactions made by the country's population. This demonstrates the rising popularity of mobile wallet usage. Some of the popular local E-Wallets are here:

  • Boost - With over nine million users, Boost Mobile is a convenient and easy-to-use payment service that allows users to make payments for various shops and services in Malaysia.
  • Grab -  Part of the Grab super app, GrabPay is an E-Wallet that allows users to make payments for various shops and services in Southeast Asia. Consumers can make payments using their mobile devices by downloading the Grab app and adding a bank card or top up their GrabPay wallet.
  • Touch n' Go - Malaysia's Touch n' Go is a leading E-Wallets that allows users to make payments online and in person. It can also be used for fund transfers, and mobile recharges.


With DuitNow, users can send and receive money without an account. It is a real-time fund transfer service that allows people to send and receive money. Through its QR feature, DuitNow allows users to make payments using their mobile devices. The payment details are stored in a QR code, which users need to scan to process the transaction. Malaysia is one of the countries where QR payments are generally feasible.

Buy Now Pay Later (BNPL)

Through a BNPL, consumers can purchase products with just a small down payment. The rest of the payments are made in installments without interest. This method is very popular among young people as it allows them to easily afford the products they purchase. Unlike credit cards, the payments made through this method don't have to be interest-free.
According to estimates, the total amount of money that will be spent on e-commerce in Malaysia through BNPL will triple by 2025. Some of the major platforms that provide this type of service include myIOU, Atome, and Pine Labs.

Financial Process Exchange (FPX)

Malaysia-based payment option Financial Process Exchange allows customers to conduct transactions online using their bank credentials. It is jointly owned by several financial institutions, including Bank Negara Malaysia. The process of making payments through FPX is carried out through the bank's online banking applications. In this way, the customer's experience with the payment process is directly affected by the environment of their bank.
The FPX platform is an intuitive and user-friendly platform that enables people to conduct their banking transactions without going through the endless steps of online transactions.

Malaysia payment gateways benefits you should know

One of the most critical factors that a merchant needs to consider when it comes to running an online business is a payment gateway. It allows them to accept payments from customers in various payment modes, such as credit cards, bank transfers, and crypto.

Stacking payment gateways can help you eliminate or reduce some of the weaknesses. This process works by using multiple payment gateways on your website to increase the number of products that your customers can purchase.

Besides protecting the card information of customers, payment gateways also help prevent unauthorized access to the funds of a merchant.

Having more payment options will allow customers to make purchases more easily and reduce the friction at the checkout process.

Criteria to look out for in the best payment gateway in Malaysia

  •  Pricing and Other Fees
    One of the most important factors that a merchant should consider when choosing a payment gateway in Malaysia is the fees. High fees can negatively affect a company's profitability.
  • Security 
    It is very vital that the payment gateway that you choose has the necessary security measures in place. They should also be able to comply with local regulations.
    Right security measures in place are very important, as they can help prevent unauthorized access to your funds.
  • Reliability
    A good payment gateway can help boost a consumer experience. Unfortunately, many failed transactions can lead to negative outcomes, as well as drive customers to your competitors.
  • Supported Currencies
    A good payment gateway can allow your customers to make purchases in their local currency. Aside from that, it can also help you save money on settlement fees.
  • Options for Payment
    When choosing a payment gateway partner, it's important that they can support various business models. For instance, if you accept payments through recurring or installment programs, partnering with a provider that supports these can be convenient.
  • eCommerce Platform Integration
    Before you start integrating a payment gateway into an e-commerce platform, make sure that it has a native integration. This will allow you to reduce the number of errors that your customers experience when making payments.

Malaysia online payment gateways comparison

We have created a table to help you navigate through the various payment gateway providers in Malaysia that are available for your business.

Most of them are local, but there are also prominent brands - PayPal and Stripe.


IPay88 is a leading payment gateway for Southeast Asian merchants, such as those in Malaysia, the Philippines, Thailand, Singapore, and Indonesia. It processes all major credit card and e-money transactions, and it allows merchants to transfer their funds to their local bank accounts. It also offers two subscription plans, namely the SME Plan and the SOHO Plan.

IPay88's comprehensive feature suite is ideal for both small and large businesses, as it can handle various types of transactions. Its ability to support e-commerce businesses and marketplaces makes it a preferred choice for both startups and large organizations.


Services E-commerce payment, Retail payment, O2O, Payouts Support.
Setup Fee iPay88 SME Plan – RM 488
iPay88 Individual/SOHO Plan – RM 488
Annual Fee SME Plan: RM500 per year
Supported currencies RM only (other currencies go through iPay88 multicurrency getaway)
Minimum amount of withdrawal RM 100

Online banking accepted by iPay88

E-Wallet accepted by iPay88

Credit & debit cards accepted by iPay88


EGHL Systems was established in March 2013 to provide a secure payment solution for Southeast Asia. It allows merchants to accept credit and non-card payments through its network. It complies with Malaysia's Financial Services Act and is regulated by Bank Negara Malaysia.


Services Credit Card, Online Banking, E-Wallet payments, O2O, Payouts Support.
Setup Fee RM 499
Annual Fee RM 25.00 for transaction volume less than RM 15,000 per/month
Waived if monthly volume exceed RM 15,000
Supported currencies Over 48 currencies
Minimum amount of withdrawal No minimum

Credit and debit cards accepted by eGHL

Online banking accepted by eGHL

E-Wallets & BNPL accepted by eGHL

Razer Merchant Services (RMS)

With a wide range of payment methods and payment processing options, RMS Merchant Services is a leading provider of payment solutions in Southeast Asia. It enables merchants to accept credit and debit cards, as well as E-Wallets and online banking. It also provides online payment services for some of the region's most popular brands, such as Starbucks, Amazon, Expedia, and Grab.

With a proven track record of providing high-volume payment processing services, RMS Merchant Services is able to offer two payment gateway plans: the RMS Premium and the RMS Lite.


Services Credit Card, Online Banking, E-Wallet payments, Payouts Support.
Setup Fee RMS Premium: RM 400
RMS Lite: RM 499
Annual Fee RMS Lite: RM 99 (waived for the first year)
RMS Premium: RM 499
Supported currencies RM only
Minimum amount of withdrawal RM 100

Payment methods and credit/debit cards accepted by Razer Merchant Services (RMS)

Online banking accepted by Razer Merchant Services (RMS)

E-Wallets accepted by Razer Merchant Services (RMS)


One of the most popular payment gateways in Malaysia is Billplz, due to its low transaction fees. It also allows users to accept various types of payments.

Billplz's most notable feature is its integration with PayPal, which allows users to receive payments from the company without having to pay a special transaction fee. This is applicable to both foreign and domestic transactions. Also, it allows users to accept payments through EasyStore, a well-known local e-commerce platform.


Services Credit Card, Online Banking, E-Wallet payments, Payouts Support.
Setup Fee Free
Annual Fee Free
Supported currencies RM only
Minimum amount of withdrawal N\A

Payment methods accepted by Billplz


With its powerful payment processing tools, which are built on a flexible and modular platform, Stripe is able to help businesses run their online businesses smoothly. It can support various types of transactions, such as credit cards, payments through local and international cards, and in-app checkouts. Its ability to create a variety of forms and customize them with pre-built components makes it a great choice for small and large organizations.

With the ability to charge recurring payments, you can easily streamline your payments with the help of Stripe's recurring billing feature.

At Mad Devs, we use Stripe & Stripe Connect to enable billing for our products. Here is the article to describe some of our lessons learned so that when you integrate Stripe Connect for your business, that can save you time and resources.


Services Online payments, Tax, Invoicing, Billing.
Setup Fee Free
Annual Fee Free
Supported currencies RM + Up to 100 currencies
Minimum amount of withdrawal RM 5


PayPal creates better ways to manage and move money, and offers choices and flexibility when sending payments, paying or getting paid. PayPal is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. The popularity of PayPal has largely been due to the ease and security that it provides. In PayPal, you pay only when you sell. In this way, you are protected.


Services Credit Card, Online Banking, E-Wallet payments, Email & Online invoice.
Setup Fee Free
Annual Fee Free
Supported currencies RM + 23 more currencies
Minimum amount of withdrawal RM 40

To Wrap Up

Today, payment gateways are convenient and effective techniques that help businesses manage their finances more easily. We hope that this list will help you find the best payment gateways in Malaysia.

If you have any other questions, please feel free to contact us. We will be happy to help you as soon as possible. 

Before you leave, you can also read our article about Leading Payment Gateways in Vietnam to Start Your Business.

Digital-Only Banking App

What You Should Know Before Building Digital-Only...

What You Should Know Before Building...

What You Should Know Before Building Digital-Only Banking App

Cash is becoming obsolete as the traditional financial system actively adopts modern technologies. Users watch how innovative solutions like Apple...

Cloud Cost Optimization

Cloud Cost Optimization: How to Reduce Your Cloud Bill

Cloud Cost Optimization: How to...

Cloud Cost Optimization: How to Reduce Your Cloud Bill

This is not surprising because, in 2024, 80% of companies will be unaware of their mistakes in their cloud adoption and will overspend by 20 to 50%....

What Is FinOps and How It Changes Approach to Cloud Financial Management?

What Is FinOps and How It Changes Approach to Cloud...

What Is FinOps and How It Changes...

What Is FinOps and How It Changes Approach to Cloud Financial Management?

When a company adopts a hybrid, multi-cloud approach, it may struggle to optimize value and control cloud spend. One of the solutions in this...