10 Best Payment Gateways in Malaysia to Easily Collect Payments from Your Customers (2024)

Are you a brand, freelancer or creator looking for the best payment gateway to collect payments from your customers in Malaysia?

In this article, I’ve put an expert lens on all the payment gateways in Malaysia and curated this list of the best ten available. But first, what does ‘best’ mean when it comes to payment gateways?

Or jump right to the list.

What makes a payment gateway ‘best’?

1. Their features support your pricing model

If your pricing model is simple, with a one-off payment for a product or service, any payment gateway will do. However, you have to be pickier when your pricing model is more complex, such as:

  • Subscriptions, where customers are charged a recurring payment
  • Usage-based pricing, where customers are charged per unit of usage

2. Their features support your business model

While most payment gateways can support businesses with a website, not everyone has one. If that’s you, you want to look out for payment gateways that support payment links, payment forms or payment buttons.

In some other cases, you may be selling a high-ticket item, like electronics or an expensive program, and your customers will likely want an instalment payment plan.

3. You can seamlessly integrate it into the platform you are selling on

If you are selling with an e-commerce platform like Shopify, WooCommerce or EasyStore, you’ll want to make sure that the payment gateway can integrate seamlessly with the platform you’ve chosen. This will reduce the chances of the payment gateway breaking down or requiring pricey fixes.

4. They offer the payment method your customers prefer

Most customers in Malaysia prefer using FPX, digital wallets (or e-wallets) and credit card payment methods. If you are selling to a primarily Malaysian customer base, you want to make sure that the payment gateway you use offers it.

On top of that, if you run a physical store or pop-ups alongside your online store or presence, you may also want to have a payment terminal.

5. They are reliable

Last but not least, the payment gateway you use must be reliable. An unreliable payment gateway can dampen your sales with higher rates of cart abandonments.

Payment Gateway #1: iPay88

iPay88 is one of the pioneer payment gateways in Malaysia. As such, it’s one of the most fully developed payment gateway you can find around.

With iPay88, you can accept payments via FPX, credit cards, e-wallets and BNPL. Depending on the package you go for, you can accept single payments, recurring payments as well as payments by instalment plans.

If you run an e-commerce store on platforms like Shopify, EasyStore or WooCommerce, you’ll be happy to find that iPay88 natively integrates with them too.

iPay88’s full suite of features make it suitable for startups all the way to large enterprises. With its range of features, iPay88 can support e-commerce businesses, marketplaces, apps and more.

iPay88’s transaction fees are also pretty reasonable. Though, there’s also an annual fee you need to pay for.

Payment Gateway #2: Razer Merchant Services (RMS)

Even though the RMS is relatively new in the payment gateway space, the infrastructure and tech behind it is not. RMS’s payment foundation is that of MOLPay’s.

While RMS’s payment features are competitive with iPay88’s, it does boast some additional features. These include mobile SDK support for in-app payment processing, as well as offline cash payments via 7-Eleven.

RMS provides a complete suite of payment methods from credit/debit card, online banking, e-wallets. On top of that, Razer Cash (online-to-offline) payment has a proven track record of being the largest and only payment processor in Malaysia with substantial volume capacities

Its fees are also pretty reasonable. Though, you also need to pay for annual fees for RMS too.

Payment Gateway #3: eGHL

eGHL is one of the more established payment gateways in Malaysia. Quite well established. You get most of the features of iPay88 and RazerPay with eGHL, but at a relatively more affordable setup and yearly fee.

It integrates with popular e-commerce platforms in Malaysia like EasyStore and SiteGiant. You can also integrate eGHL with Shopify, but the connection won’t be natively supported.

Payment Gateway #4: senangPay

SenangPay is one of the fastest growing payment gateways in Malaysia. This is all thanks to its affordable yearly fees, low transaction fees and its ever growing set of payment features.

One of SenangPay’s most interesting features are its payment links. You can generate payment links for any product and send it to your customer via WhatsApp, WeChat, or e-mail.

It integrates with popular e-commerce platforms in Malaysia like EasyStore and SiteGiant. It doesn’t integrate with Shopify, however.

While you need to pay yearly fees, these are relatively affordable. Signing up online is also pretty easy.

Payment Gateway #5: Billplz

Billplz is another fast growing payment gateway in Malaysia that has exploded in popularity thanks to its cheap transaction fees and a diverse collection of payment methods has fuelled its growth.

One unique Billplz payment feature is its integration with PayPal. When you collect payments through Billplz’s PayPal, you get their special transaction fee of 3.2% instead of PayPal’s sticker rate of 3.9% + RM2. This applies for both local and international payments.

Billplz also integrates with popular local e-commerce platform, EasyStore.

Payment Gateway #6: Curlec

Curlec is a payment gateway specialised in collecting recurring payments via direct debit. While other payment gateways also offer direct debit, Curlec is designed to help make the process easier for SMEs.

If you run a business where you need to collect monthly payments (e.g. gyms, tuition centres), Curlec can help you to automate the process. 

Curlec’s usage for e-commerce websites, however, might be limited to those which can benefit from collecting recurring payments via direct debit (e.g. online tuition classes).

Payment Gateway #7: Stripe

Stripe is one of the fastest growing payment solutions in the world. Thanks to it being developer-friendly, you’ll find Stripe integrated with a large number of popular sites and apps online.

In Malaysia, you can accept payments not only through credit and debit card, but also via FPX from your customers.

Recurring payments are also pretty simple to set up in Stripe. Although, in Malaysia, instalment plans using Stripe is not yet available.

E-wallet payments are also not available yet. If you need them, you’ll need to use another payment gateway or to integrate with the e-wallets directly.

While Stripe’s transaction fee is on the high side compared to most local payment gateways, you don’t need to pay an annual fee.

Stripe’s features make it a good fit for Malaysians who sell online locally and/or internationally.

Best of all, you can sign up for Stripe yourself and get started accepting payments online without going through a sales rep.

Payment Gateway #8: toyyibPay

toyyibPay is one of the newest entrants into the payment gateway space. At the moment, toyyibPay’s payment features are pretty limited – you can only accept FPX and credit card payments online.

While you can generate invoices, and payment links using toyyibPay, its most popular use case is as a payment gateway for WooCommerce stores.

If you sell on WooCommerce, you probably won’t get fees lower than what you’ll find on toyyibPay. Low fees plus zero annual fees make toyyibPay a no brainer payment gateway for e-commerce merchants selling on WooCommerce.

Payment Gateway #9: PayPal

When PayPal launched in the 90s, it was one of the first payment solutions of its kind. PayPal helped push the first wave of payment democratisation worldwide.

Today, PayPal is still a widely use payment solution. In Malaysia though, PayPal is not widely used because of its high transaction fees, and few locally preferred payment options. You can only accept payments via PayPal, credit cards and debit cards.

For Malaysians who sell internationally – especially in the US and UK – however, PayPal’s brand name can lend credibility to your store and help with conversion rates.

Like Stripe, you also don’t have to pay yearly fees. You only have to pay for what you use.

PayPal is also a self-service platform – you can sign up yourself and get started accepting payments without going through a sales rep.

Payment Gateway #10: HitPay

HitPay is a versatile payment gateway headquartered in Singapore. You can offer customers FPX, credit/debit card, e-wallets and BNPL payments.


Having the right payment gateway partner is like having the right cashier at a shop. They make sure customer are happy and all your money is collected and stored securely.

Not all payment gateways are the same, however. Pick the one which best fits your business model, and which features are what you’d like to add to your customer’s buying experience.

While you’d want to choose a payment gateway with low fees, balance that with other features that might make better sense for your business.

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4 Responses

  1. You missed one important point – ability to collect offline payments (eg. via credit card terminals). Its going to be more important going forward. So that all the information centralised under 1 account.

    I recommend that you review Revenue Monster. Seems like they are the only ones who have this. If you can find others please review πŸ™‚

    1. Thanks for your recommendations – I’ll take a look at them and include them in the next review πŸ™‚

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