Malaysia’s thriving economy is attracting the attention of businesses, but growth comes with complexities. To navigate these complexities effectively, businesses need to adapt to various payment solutions and gateways. This is especially crucial as modern businesses often operate in a multi-currency and cross-border environment. In this article, we explore the current payment landscape in Malaysia and present a comprehensive list of the 12 best payment gateways available. We’ll also discuss key criteria for businesses to consider when selecting a payment gateway.
The Current Payment Solution Landscape in Malaysia
With over 80% mobile and internet penetration and an average population age of 28.7, Malaysia is among Southeast Asia’s fastest-growing digital economies. A paradigm shift in the payment industry has been driven by a new generation of consumers, with smartphones and e-wallets replacing traditional wallets.
In 2020, digital wallet transactions in Malaysia amounted to 1.4 billion transactions worth RM10.6 billion. The COVID-19 pandemic further accelerated the shift towards digitization. Over 70% of Malaysian consumers now prefer merchants that accept digital payments over cash-only businesses.
This transition has led to the development of a broader range of self-checkout options. Consumers are increasingly comfortable linking their payment cards with e-wallets, creating a touchless and more efficient payment ecosystem.
Criteria for Selecting Payment Gateways in Malaysia
When choosing a payment gateway in Malaysia, several criteria are essential:
Reliability: The payment gateway must be reliable and capable of handling high transaction volumes without issues.
Supported Currencies: Ensure that the payment gateway supports major currencies in Malaysia, such as the Malaysian Ringgit (MYR) and the US Dollar (USD).
Payment Options: Look for a gateway that offers a variety of payment methods, including credit cards, debit cards, and online banking.
Market Integrations: The gateway should seamlessly integrate with your existing e-commerce platform or shopping cart.
Security: Prioritize gateways with robust security and fraud prevention measures.
Pricing and Fees: Choose a gateway that is transparent about its pricing structure and any additional costs.
Here are the Top 12 Payment Gateways in Malaysia:
Leading online payment gateway in Malaysia with local and international options.
Transparent pricing structure with various payment methods supported.
A global payment processor known for reliability and feature-rich offerings.
Supports multiple payment methods and offers competitive pricing.
A recognizable and user-friendly payment gateway with easy integration.
Offers simplicity, though with some processing costs.
Gaining popularity in Malaysia for low transaction fees and diverse payment methods.
Provides PayPal integration and works well with local platforms.
A preferred choice for inter-bank transfers and versatile payment methods.
Provides user-friendly fintech services and a convenient platform.
A versatile gateway hosting various local payment methods and credit cards.
Offers international transfers, but with a user-friendly interface.
An all-in-one gateway for credit cards, digital wallets, and bank transfers.
Supports numerous currencies and offers reliability.
Provides a secure online payment solution for Southeast Asian businesses.
Offers PCI compliance and advanced technology.
An integrated payment solution with multiple payment methods.
Offers ease of use and reliability.
A premier digital payment gateway in Asia with comprehensive coverage.
Known for its secure and efficient services.
A versatile platform supporting various payment methods and data services.
Offers cost-effectiveness and secure financial management.
A payment gateway with global reach and secure transactions.
Supports various local payment options, making it a preferred choice.
The rise of Buy Now, Pay Later (BNPL) services has also been accelerated by the pandemic. BNPL helps consumers manage their finances better in an increasingly digital landscape.
The web technology expert platform addresses the complexity of multiple payment gateway integrations in Malaysia. It offers integration with over 300 international payment methods and provides a single source for connecting to various payment gateways and local methods. The platform is developer-friendly and supports flexible business models, improving conversion rates and enhancing the checkout experience for customers.
In conclusion, the adoption of diverse payment methods in Malaysia presents a competitive digital payment landscape. Local providers offer excellent services, but global providers may offer greater customization and international reach. When selecting a payment gateway, businesses should consider their specific needs and goals.