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Top 10 Best Payment Gateways in Malaysia

Get complete information on the best payment gateway service providers in Malaysia.

Top-10-Payment-Gateways-Devathon

Top 10 payment gateways you should choose for your

E-Commerce store in Malaysia?

Payment Gateway Razer Merchant Services

(RMS)

eGHL PayPal iPay88 Billplz Maybank2u Pay 2Checkout Worldpay 2C2P kiple
Setup Fee (RM)
Lite Plan: RM 499

Premium Plan: RM400

Starter – RM 399

Small Biz – RM599

Free SME – RM 488

Startup – 488

Free Free Free Free RM 500 RM 300
Annual fee (RM)
Lite Plan: RM 99 (waived for the first year)

Premium Plan: RM 499

Starter – 1st year waived
2nd year onwards RM 399Small Biz – 1st year waived
2nd year onwards waive if
transaction volume > RM60000 / year)
Free SME – RM 500

Startup – Zero Fee Lifetime

Free Free Free Free – Pay as you go Plan or

Monthly subscription plan at
£19.95 / month

RM 500 RM 500
Commission per transaction Credit Card

Lite Plan: 3.8%

Premium Plan: 2.4%

 

Online Banking

Lite Plan: 3.8% or min. RM 0.60 whichever is higher

Premium Plan: 2.4% or min. RM 0.60 whichever is higher

 

E-wallet

Lite Plan: N/A

Premium Plan: 1.4% for Grabpay, ShopeePay, Maybank MAE, Touch ‘n Go and 1.6% for Boost

Starter – 2.8%

Small Biz – 2.5%

Domestic
3.9% + RM2.00Cross border
4.4% + Fixed fee based
on the currency received
SME – 2.9%

Startup – 3.5%

RM 1.50
per
transaction
RM0.50 + GST 3.9 % + $0.45 USD

1.5% cross-border fee

2.75% + £0.20 2.5% – 3%
per transaction
for credit cardRM1.50 flat rate
for bank transfers
2.5% – 3%
per transaction
for credit cardRM1 – RM1.50 flat rate
for bank transfers
Payment methods accepted Visa, Mastercard, Credit/Debit Card

 

Malaysia Online Bank Transfer

– Maybank2u

– CIMB Clicks

– Hong Leong Connect

– Public Bank PBe

– RHB Now

– Alliance Online

– Affin Online

– Bank Islam Online

– UOB Bank Online

– OCBC Bank Online

– Standard Chartered Bank Online

– AmOnline

– I-Rakyat

– I-Muamalat

– Kuwait Finance House

– Bank Simpanan National Online

– HSBC Online

 

Other Payment Methods

Razer Cash at 7-Eleven

Buy Now Pay Later (BNPL)

Visa, MasterCard Credit/Debit Card

Malaysia Online Bank Transfer
Maybank2U, CIMB Clicks, RHB Online,
HL Online, Alliance Online, PbeBank,
Ambank, Bank Islam, UOB, Affin Online,
Bank Rakyat, Bank Muamalat, OCBC,
Standard Chartered, KFH

Other Country Debit

Credit/Debit Card
Visa, MasterCard, Discover
American ExpressMalaysia Bank Transfer
Visa, MasterCard Credit/Debit Card

Malaysia Online Bank Transfer
Alliance Online, Am Online,
CIMB Clicks, EON Online, Hong
Leong Online, RHB Online, FPX

Other Payment Methods
PayPal, Boost wallet, Grabpay
TouchnGo pay, Vcash Wallet
KipplePay

Visa, MasterCard Credit/Debit Card

Malaysia Online Bank Transfer
Alliance Online, Am Online, CIMB Clicks,
EON Online, Hong Leong Online,
Maybank2u, RHB Online, FPX

Visa, MasterCard
Credit/Debit CardMalaysia Online Bank Transfer
Maybank2u only
All major
Credit/Debit cardsPayPal and other
major walletsMalaysia Bank Transfer
Credit/Debit Card
Visa, MasterCard, Discover
American ExpressMalaysia Bank TransferOther Payment Method
Contactless, Wallet Galore,
Apply Pay, Amazon pay
Visa, MasterCard
Credit/Debit CardMalaysia Online Bank Transfer
Alliance Online, Am Online
CIMB Clicks, EON Online
Hong Leong Online, FP
Maybank2u, RHB Online
Visa, MasterCard
Credit/Debit CardMalaysia Online Bank Transfer
Alliance Online, Am Online
CIMB Clicks, EON Online
Hong Leong Online, FP
Maybank2u, RHB Online
Fraud & Risk management Yes Yes Yes Advanced Average Advanced Yes Yes Yes Yes
Accepted Currencies RM Only RM Only 24 Currencies (USD, RM,
Euros, GBP, Yen, SGD
and more currencies)
RM Only
(USD and others
currencies are supported
in iPay88 multicurrency gateway)
RM Only RM Only 12 International
Currencies
Up to 120
Currencies
RM (MYR), US,
Singapore,
Hong Kong $,
Thailand
RM (MYR)
Set up type Online Online Online Online Online Online Online Online Online Online
Onboarding & Approvals time 3 to 5 working days (for internet bank transfer)

1 to 2 months (for credit card gateway)

7 – 14
working
days
Immediate 7 – 14 working days
(for internet bank transfer)1 to 2 months
(for credit card gateway)
2 weeks 1 to 2 weeks 24-48 hours 5 working days 1-2 weeks 2-3 weeks
Recurring Billing Yes Yes Yes Yes Yes Yes Yes Yes Yes No
Charges on Refunds No extra charge RM 0.50 per transaction No extra charge No extra charge No extra charge No extra charge No extra charge No extra charge Minor No extra charge
SDK Stacks Curl, Ruby, Java, Python, Php, C#, Nodejs Docker, Java (Gradle)
Java (Maven), JavaScript
PHP, Python
Java, .net, php, python, node, ruby node, java, php C#, Go, Php, JavaScript, Ruby Java, JavaScript, NodeJs, Php Java, Ruby, .net, C#, Python php, java, ruby, .net, Ruby, Java, Python, Php Php, Java, Nodejs
Settlement time Lite Plan: RM2 per settlement

Premium Plan: Free

 

Weekly Transfer to Bank Account

Weekly Transfer to Bank Account. Payment into PayPal Account Instantly. Weekly Transfer to Bank Account Next day (T+1) Next day (T+1) Weekly – Transfer to Bank Account 4 weeks
Transfer to
Bank Account
Weekly – Transfer to Bank Account T+1/T+2
Payouts support Yes Yes Yes Yes Yes No Yes Yes No No
Split payments Yes No Yes Yes No No Yes Yes No No

1. Setup Fee

Payment Gateway Setup Fee
Razer Merchant Services

(RMS)

Lite Plan: RM 499

Premium Plan: RM400

eGHL Starter – RM 399

Small Biz – RM599

PayPal Free
iPay88 SME – RM 488

Startup – 488

Billplz Free
Maybank2u Pay Free
2Checkout Free
Worldpay Free
2C2P RM 500
kiple RM 300

2. Annual fee

Payment Gateway Annual fee
Razer Merchant Services

(RMS)

Lite Plan: RM 99 (waived for the first year)

Premium Plan: RM 499

eGHL Starter – 1st year waived
2nd year onwards RM 399Small Biz – 1st year waived
2nd year onwards waive if
transaction volume > RM60000 / year)
PayPal Free
iPay88 SME – RM 500

Startup – Zero Fee Lifetime

Billplz Free
Maybank2u Pay Free
2Checkout Free
Worldpay Free – Pay as you go Plan or

Monthly subscription plan at
£19.95 / month

2C2P RM 500
kiple RM 500

3. Commission per transaction

Payment Gateway Commission per transaction
Razer Merchant Services

(RMS)

Credit Card

Lite Plan: 3.8%

Premium Plan: 2.4%

 

Online Banking

Lite Plan: 3.8% or min. RM 0.60 whichever is higher

Premium Plan: 2.4% or min. RM 0.60 whichever is higher

 

E-wallet

Lite Plan: N/A

Premium Plan: 1.4% for Grabpay, ShopeePay, Maybank MAE, Touch ‘n Go and 1.6% for Boost

eGHL Starter – 2.8%

Small Biz – 2.5%

PayPal Domestic
3.9% + RM2.00Cross border
4.4% + Fixed fee based
on the currency received
iPay88 SME – 2.9%

Startup – 3.5%

Billplz RM 1.50
per
transaction
Maybank2u Pay RM0.50 + GST
2Checkout 3.9 % + $0.45 USD

1.5% cross-border fee

Worldpay 2.75% + £0.20
2C2P 2.5% – 3%
per transaction
for credit cardRM1.50 flat rate
for bank transfers
kiple 2.5% – 3%
per transaction
for credit cardRM1 – RM1.50 flat rate
for bank transfers

4. Payment methods accepted

Payment Gateway Payment methods accepted
Razer Merchant Services

(RMS)

Visa, Mastercard, Credit/Debit Card

 

Malaysia Online Bank Transfer

– Maybank2u

– CIMB Clicks

– Hong Leong Connect

– Public Bank PBe

– RHB Now

– Alliance Online

– Affin Online

– Bank Islam Online

– UOB Bank Online

– OCBC Bank Online

– Standard Chartered Bank Online

– AmOnline

– I-Rakyat

– I-Muamalat

– Kuwait Finance House

– Bank Simpanan National Online

– HSBC Online

 

Other Payment Methods

Razer Cash at 7-Eleven

Buy Now Pay Later (BNPL)

eGHL Visa, MasterCard Credit/Debit Card

Malaysia Online Bank Transfer
Maybank2U, CIMB Clicks, RHB Online,
HL Online, Alliance Online, PbeBank,
Ambank, Bank Islam, UOB, Affin Online,
Bank Rakyat, Bank Muamalat, OCBC,
Standard Chartered, KFH

Other Country Debit

PayPal Credit/Debit Card
Visa, MasterCard, Discover
American ExpressMalaysia Bank Transfer
iPay88 Visa, MasterCard Credit/Debit Card

Malaysia Online Bank Transfer
Alliance Online, Am Online,
CIMB Clicks, EON Online, Hong
Leong Online, RHB Online, FPX

Other Payment Methods
PayPal, Boost wallet, Grabpay
TouchnGo pay, Vcash Wallet
KipplePay

Billplz Visa, MasterCard Credit/Debit Card

Malaysia Online Bank Transfer
Alliance Online, Am Online, CIMB Clicks,
EON Online, Hong Leong Online,
Maybank2u, RHB Online, FPX

Maybank2u Pay Visa, MasterCard
Credit/Debit CardMalaysia Online Bank Transfer
Maybank2u only
2Checkout All major
Credit/Debit cardsPayPal and other
major walletsMalaysia Bank Transfer
Worldpay Credit/Debit Card
Visa, MasterCard, Discover
American ExpressMalaysia Bank TransferOther Payment Method
Contactless, Wallet Galore,
Apply Pay, Amazon pay
2C2P Visa, MasterCard
Credit/Debit CardMalaysia Online Bank Transfer
Alliance Online, Am Online
CIMB Clicks, EON Online
Hong Leong Online, FP
Maybank2u, RHB Online
kiple Visa, MasterCard
Credit/Debit CardMalaysia Online Bank Transfer
Alliance Online, Am Online
CIMB Clicks, EON Online
Hong Leong Online, FP
Maybank2u, RHB Online

5. Fraud & Risk management

Payment Gateway Fraud & Risk management
Razer Merchant Services

(RMS)

Yes
eGHL Yes
PayPal Yes
iPay88 Advanced
Billplz Average
Maybank2u Pay Advanced
2Checkout Yes
Worldpay Yes
2C2P Yes
kiple Yes

6. Accepted currencies

Payment Gateway Accepted Currencies
Razer Merchant Services

(RMS)

RM Only
eGHL RM Only
PayPal 24 Currencies (USD, RM,
Euros, GBP, Yen, SGD
and more currencies)
iPay88 RM Only
(USD and others
currencies are supported
in iPay88 multicurrencygateway)
Billplz RM Only
Maybank2u Pay RM Only
2Checkout 12 International
Currencies
Worldpay Up to 120
Currencies
2C2P RM (MYR), US,
Singapore,
Hong Kong $,
Thailand
kiple RM (MYR)

7. Set up type

Payment Gateway Set up type
Razer Merchant Services

(RMS)

Online
eGHL Online
PayPal Online
iPay88 Online
Billplz Online
Maybank2u Pay Online
2Checkout Online
Worldpay Online
2C2P Online
kiple Online

8. Onboarding & Approvals time

Payment Gateway Onboarding & Approvals time
Razer Merchant Services

(RMS)

3 to 5 working days (for internet bank transfer)

1 to 2 months (for credit card gateway)

eGHL 7 – 14
working
days
PayPal Immediate
iPay88 7 – 14 working days
(for internet bank transfer)1 to 2 months
(for credit card gateway)
Billplz 2 weeks
Maybank2u Pay 1 to 2 weeks
2Checkout 24-48 hours
Worldpay 5 working days
2C2P 1-2 weeks
kiple 2-3 weeks

9. Recurring Billing

Payment Gateway Recurring Billing
Razer Merchant Services

(RMS)

Yes
eGHL Yes
PayPal Yes
iPay88 Yes
Billplz Yes
Maybank2u Pay Yes
2Checkout Yes
Worldpay Yes
2C2P Yes
kiple No

10. Charges on Refunds

Payment Gateway Charges on Refunds
Razer Merchant Services

(RMS)

No extra charge
eGHL RM 0.50 per transaction
PayPal No extra charge
iPay88 No extra charge
Billplz No extra charge
Maybank2u Pay No extra charge
2Checkout No extra charge
Worldpay No extra charge
2C2P Minor
kiple No extra charge

11. SDK Stacks

Payment Gateway SDK Stacks
Razer Merchant Services

(RMS)

Curl, Ruby, Java, Python, PHP, C#, Nodejs
eGHL Docker, Java (Gradle)
Java (Maven), JavaScript
PHP, Python
PayPal Java, .net, PHP, python, node, ruby
iPay88 node, java, PHP
Billplz C#, Go, PHP, JavaScript, Ruby
Maybank2u Pay Java, JavaScript, NodeJs,PHP
2Checkout Java, Ruby, .net, C#, Python
Worldpay PHP, java, ruby, .net,
2C2P Ruby, Java, Python, PHP
kiple PHP, Java, Nodejs

12. Settlement time

Payment Gateway Settlement time
Razer Merchant Services

(RMS)

Lite Plan: RM2 per settlement

Premium Plan: Free

 

Weekly Transfer to Bank Account

eGHL Weekly Transfer to Bank Account.
PayPal Payment into PayPal Account Instantly.
iPay88 Weekly Transfer to Bank Account
Billplz Next day (T+1)
Maybank2u Pay Next day (T+1)
2Checkout Weekly – Transfer to Bank Account
Worldpay 4 weeks
Transfer to
Bank Account
2C2P Weekly – Transfer to Bank Account
kiple T+1/T+2

13. Payouts support

Payment Gateway Payouts support
Razer Merchant Services

(RMS)

Yes
eGHL Yes
PayPal Yes
iPay88 Yes
Billplz Yes
Maybank2u Pay No
2Checkout Yes
Worldpay Yes
2C2P No
kiple No

14. Split payments

Payment Gateway Split payments
Razer Merchant Services

(RMS)

Yes
eGHL No
PayPal Yes
iPay88 Yes
Billplz No
Maybank2u Pay No
2Checkout Yes
Worldpay Yes
2C2P No
kiple No

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Choosing the best Payment Gateway provider in Malaysia

Choosing the best payment gateway provider for your eCommerce website is a tedious process. While choosing, you should ensure that customer payment experience is smooth, fast and secure. This helps to increase trust among the customers and come back to purchase other products or services in the future.

Here are six factors to consider before selecting the payment gateway:

Government-Regulations

Government Regulations

Malaysian Payment Gateway needs to be compliant with Malaysia's Financial Services Act 2013 & must be regulated as Online Payment Switching Gateway by Central Bank of Malaysia (Bank Negara Malaysia - BNM) underpayment system act in 2006. The gateway with BANK NEGARA approval is, of course, qualified, verified, trusted, and is serious about business.

Multi-Currency-And-International Usage

Multi-currency and International usage

If you want your business to grow globally, you should see if it caters to customers all over the world. This means that the payment gateway that you are choosing should support multi-currency transactions. There are many payment gateways in Malaysia that give customers an opportunity to pay in international currencies.

Payment-And-Customer Support

Payment and customer support

When choosing a payment gateway, you will generally encounter different fees that vary from one company to another. Here are some of the types of fees that usually incur: Transaction fee, setup fee, and annual fee. Besides, the Merchant support team should be accessible at all times and they should answer all the enquiries with minimum turnaround time.

Required-Documentation

Required Documentation

Comprehensive documentation guides and steps make customization onto your site simple and easy. Easy to understand and developer-friendly documents also make the payment gateway integration process on any platform more robust. A platform that is agile, supports 100% automated onboarding and requires KYC and other usual verification documents should be chosen.

Safety-&-Security-Features

Safety & Security Features

The payment gateway should support the highest security standards imposed by Malaysian central banks and needs to be compliant with the PCI Data Security Standard (PCI-DSS) Level 1 to ensure that all transactions are safeguarded. 3D-Secure is an added layer of security feature required for Internet transactions that gives an extra layer of assurance.

Mobile-App-And-CMS-Support

Mobile App and CMS Support

Always consider the fact that the payment gateway can be integrated with Malaysian E-Commerce CMS platforms such as WooCommerce, Shopify, Opencart, Prestashop, and Magento. Few Malaysian payment gateways have an optimized cross-platform mobile application payment kit which is an added advantage as the need for mobile app payment gateway integration is becoming more crucial.

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