March 22, 2021
12 min Read

Top 10 Online Payment Methods in Malaysia for Ecommerce

If you run an ecommerce store here in Malaysia, then you must have an online payment method for customers that is secure and reliable. Picking the right one is vital for your business.

Unfortunately, there are a lot of them.

Which one is the best? Which has the least transaction fees? Which is the least hassle to set up?

In this article, you will learn about the best online payment methods to use in Malaysia to start receiving payments from your customers.

Here is a quick comparison table of all the online payment methods mentioned in this article.

Payment Method

Setup Fees

Annual Fees

Transaction Fees

Razer Pay

Starts at RM 200.00

Starts at RM 99.00

Starts at 3.8%




Starts at 4.4% + RM 2.00


RM 488.00

RM 500.00

Starts at 3.5%


RM 499.00

RM 25.00 per Transaction Volume

Starts at 2.5%

Senang Pay

Starts at RM 300.00 per year


Starts at 2.5%




3% + RM 1.00


Starts free


Starts at RM 1.00 per FPX transaction

Maybank2u Pay



RM 0.50




RM 1.00 (online banking) and 2% (credit card)


Starts free

Starts free

2.80% + RM 1.00 (credit card) and 2.60% + RM 2.00 (FPX)

Now, let’s go through each one of them and see how they stack up against each other.

1. Razer Pay

Razer Pay is one of the leading merchant services providers in Southeast Asia with highly-known clients like Google, Alibaba, Agoda, Starbucks, Grab, Adidas, Nike, Lazada, and Shopee.

For some, Razer is a new name in ecommerce since the brand is usually known for gamer lifestyle products. However, the technology behind their new payment gateway space is actually built on top of MOLPay, a popular payment gateway company.

In terms of features, Razer deserves the top spot on this list. Some of its ecommerce solutions features include the following:

  • Mobile XDK
  • Virtual Terminal
  • Marketplace Payment
  • Recurring Payment
  • Easy Payment Scheme
  • Secure 1-Click
  • Seamless Integration
  • Mass Payment
  • Gateway Solutions

Mobile XDK is particularly important for ecommerce brands since it allows a mobile cross-platform payment that helps improve in-app payment performance. It is designed to work with all application developers and mobile shoppers across the region.

Aside from the in-app payment, your shoppers would also love the fact that if they want, they could make offline cash payments via 7-Eleven. This makes Razer Pay a good fit for any type of ecommerce business.

Razer Pay integrates with more than 30 shopping carts and supports more than 70 online banking and other payment methods. You can check the whole list on this page. There are also two types of plans you can take, which you can check more on their payment gateway page.

The setup fee ranges from RM 200.00 to 499.00, with an annual fee of RM 99.00 to 249.00. As for the transaction fee, Razer Pay charges 3.8% per transaction on the Lite plan and 2.65% to 3% per transaction on their premium plan.

2. PayPal

PayPal is one of the first payment solutions ever created and is actually the one that pushed worldwide online payment democratization.

Although it’s a non-local payment gateway and has high transaction fees, it’s a wise thing to give your customers an option to pay via PayPal. Most people who are internet-savvy have PayPal accounts and will be glad to know if the store supports it.

There are no setup and annual fees to pay. With PayPal, there are only transaction fees:

  • 3.9% + RM 2.00 for domestic payments
  • 4.4% + RM 2.00 for international payments.

If your ecommerce business has an international reach, PayPal will enable you to receive payments from your customers who don’t live in Malaysia. Not to mention, having PayPal’s brand on your website could lend credibility to your business internationally.

As for the payment methods accepted, PayPal is a bit limited and only accepts payment via:

  • PayPal
  • Credit cards
  • Debit cards

But unlike other payment methods, PayPal is equipped with unique features like invoicing and email payment requests. You could also set up seamless recurring fees for any of your clients with their email address alone.

3. iPay88

iPay88 is one of the best local payment gateways in Malaysia. In fact, aside from pioneering online payment methods in Asia, iPay88 is a fully developed payment gateway that you can find in the region.

The level of maturity that this solution has can be seen in its number of services, which includes:

  • Start-up
  • SME
  • Corporate
  • Partnership

If you’re new to ecommerce, then the start-up plan is the fittest. Otherwise, the SME plan is for those who want to boost their business and leave everything related to payments to iPay88’s hassle-free solution.

As for the features, iPay88 has a lot including:

  • Direct Link
  • Tokenization
  • Easy Payment Plan
  • Recurring Payment
  • Email Payment
  • mPOS
  • Campaign and Promotions
  • Payout
  • Pay4Me
  • Virtual Terminal
  • Risk and Fraud Management
  • eWallet

Like Razer Pay and PayPal, you can establish recurring payments and email payments with iPay88. In addition, your customers can also opt to pay by installment for payments above RM 500.00 with its Easy Payment Plan feature.

As for the payment, the setup fee costs RM 488.00, while there is an annual fee of RM 500.00 for those in the SME plan (no annual fee for the Startup plan). iPay88 also has a 2.9% and 3.5% commission per transaction for SME and Startup, respectively.

4. eGHL

What if you can get the features of the earlier payment solutions with fewer fees for your customers? Fortunately, that’s what you get with eGHL, another payment method in Malaysia that’s well-established.

Founded in 2013, eGHL offers ecommerce with a payment solution for cards and non-card channels across the Southeast Asian region. It is regulated as a non-bank acquirer by Bank Negara Malaysia.

Here are the features that eGHL offers:

  • Installment payments
  • Auto-recurring payments
  • Email Payment Link
  • Buy Now Button
  • Online-to-offline payments
  • Promo Code
  • Multi-currency

For those with ecommerce websites, you will definitely like how you can embed an unlimited number of click-to-pay buttons across your website. With this functionality, your customers could actually skip the shopping cart and go straight to payment.

With eGHL, you can accept payments from more than a hundred channels including credit cards, online banking, and various e-wallets. They also have user-friendly plugins and an application programming interface for easy integration.

As for the pricing, eGHL has RM 499.00 onboarding (setup) fee. You also need to pay a maintenance fee of RM 25.00 per transaction volume. The transaction fee starts at 2.5% (with an additional 1% for non-MYR transactions). See more details on their inquiry page.

5. Senang Pay

Although Senang Pay was only founded in 2015, it already grew to one of the most popular payment gateway solutions in Malaysia. Its growth can be attributed to its super low fees with increasing features over the years.

When it comes to features, Senang Pay packs a serious punch. It has a wide list of features including:

  • Multi-currency Payment
  • eWallet Payment
  • Dashboard
  • Product Collections
  • Recurring Payments
  • e-Invoicing
  • Split Settlement
  • Auto-settlement
  • Mass Payments
  • MOTO (Mail Order/Telephone Order Transactions)
  • Tokenization
  • BIN (Bank Identification Number)

Product Collections is an interesting feature. If you weren’t able to create your own ecommerce website yet, this functionality enables you to list your products (maximum of ten) in a single payment form, which you can share via social media or in your blog.

On the other hand, if you’re running a website with multiple sellers, the Split Settlement feature allows you to easily share your profits with your team and manage everything from one dashboard.

Senang Pay has three packages. Below is a list, together with their corresponding setup fee:

  • Basic (RM 300.00 per year)
  • Advanced (RM 450.00 per year
  • Special (RM 1,500.00 per year)

With Senang Pay, you can receive payments from credit and debit cards, interbank transfers, and e-wallets. The transaction fee for FPX transfers is 1.5%. For credit card transactions, it’s 2.5% (1.8% for those in the Special package).

Senang Pay is transparent when it comes to fees and costs. You can check this specific page that discusses everything related to payments and charges.

6. Stripe

Stripe is an increasingly popular international payment solution. It made a name as one of PayPal’s fiercest competitors, which can be attributed to Stripe’s developer-friendly system and integration with a large number of websites and applications like Grab and Zoom.

Aside from being suitable for ecommerce websites, it’s also a good fit for any number of online businesses like crowdfunding, on-demand marketplaces, subscription services, and even freelancing.

With Stripe, your customers can use any type of payment method including:

  • Credit and debit cards
  • Online wallets (like Alipay, Google Pay, etc.
  • Bank debits and tranfers
  • Bank redirects

As for the pricing, the only thing you got to think about is the transaction fee, which is 3% + RM 1.00 per successful card charge or bank transaction. There are no setup fees, monthly fees, or hidden fees. For more details about fees, you can check out Stripe’s pricing page.

Aside from payments, Stripe also offers other features for additional charges:

  • Billing (0.5%)
  • Custom/Express multi-party payments (starts at 0.25% of account volume)
  • Radar for fraud protection (RM 0.23 + 0.32)
  • Sigma for business data (per charge)

Stripe is a great solution for ecommerce businesses that cater to an international audience. The only downside to Stripe is that installment plans and e-wallet payments are not available yet. The transaction fee is also high compared to local payment gateways.

7. Billplz

If you’re in search of the online payment method in Malaysia with the lowest fees, then Billplz is the answer. This is the reason why Billplz took the spotlight as one of the top growing payment gateways in Malaysia.

Using Billplz will allow you to accept payments instantly from various sources for e-commerce, donations, digital downloads, and more. You can also collect payments via email and SMS, which is especially helpful if you don’t have your own website yet.

As for the sources, you can collect payment from the following:

  • Online banking
  • Credit cards
  • E-wallets

One unique perk from Billplz is its integration with PayPal. As you may know earlier, the standard transaction fee from PayPal starts with 3.9% (higher with international transactions). But with Billplz, the fee is only 3.2% for both local and international payments.

As for the pricing, Billplz offers two membership plans, with the first one having no setup fees. The downside with the basic plan is that you can’t accept payments from credit cards and online wallets.

The next plan costs RM 150.00 per month, with a transaction fee of RM 1.00 per paid FPX transaction. This standard plan also has an annual version, which costs RM 1,800.00 per year, with only RM 0.50 per paid FPX transaction fee.

8. Maybank2u Pay

What if in addition to your ecommerce business, you also have a brick-and-mortar store? Does that mean you need to use various payment solutions?

Normally, you may have to use various payment methods. However, with Maybank, you can use one payment method for your ecommerce business and its physical store equivalent.

Maybank offers four solutions:

  • Online Store: Includes online banking and cards payment gateway
  • Retail: Includes a POS terminal, Tap2Phone, and QRPayBiz
  • Online Store + Retail: Includes online banking, cards payment gateway, POS terminal, Tap2Phone, and QRPayBiz
  • Others: JomPay, AutoDebit, and Maybank2u Biller

The solutions you need to pay attention to here are the one for online stores and the one that includes retail. The online banking feature allows you to accept payments from customers using Maybank.

The card payment gateway allows you to accept payments from customers using VISA, Mastercard, and American Express Cards.

On the retail side, you don’t have to worry about a single thing since all the other features will enable you to accept payments in-store from credit/debit cards either through swipe or smartphones with Tap2Phone.

As for pricing, Maybank2u Pay doesn’t ask for a setup and annual fee. The transaction fee costs only RM 0.50. However, please note that you need to be an existing Maybank Business customer with a business account to use this service.

9. toyyibPay

Despite being new, toyyibPay made it to this list because of its low fees and seamless integration with WooCommerce. In fact, if you’re using WooCommerce, you may not be able to find lower fees with any online payment solutions provider in Malaysia.

Since this solution is still new, you could expect limited features.

However, you will like this solution due to having:

  • No hidden charges
  • No transaction limit
  • Data protection
  • Invoice generation (and payment links)

As for packages, toyyibPay only has one standard package with an addon. The transaction fee costs RM 1.00 for online banking, with a settlement time of one working day. As for the credit card payments, the transaction fee is 2%, with a settlement time of ten working days.

toyyibPay has a WooCommerce WordPress plugin that will allow you to integrate major Malaysia payment channels in your ecommerce shop. Installing this plugin will give your website the ability to accept online banking and credit/debit card payments.

10. PayHalal

PayHalal is a unique online payment gateway that caters to one special need: when you or your customers prefer to use a Syariah compliant payment gateway, or when your business (or belief) requires you to use one.

This payment solution offers two basic services:

  • Hosted and Integrated Payment Gateway
  • Offline Services With QR Pay Codes

Once you use the PayHalal payment gateway, you could place a verified seal on your website that will serve as insurance to your customers that the transaction is in compliance with Shariah (by eliminating Riba and Gharhar).

As for the rates, PayHalal offers three plans (plus a sponsored plan):

  • Pay Per Use: No setup and annual fees. The transaction fees for credit card payments is 2.80% + RM 1.00 while for FPX transactions, it’s 2.60% + RM 2.00.
  • Platinum Pro: The setup fee costs RM 280.00, with an annual fee of RM 1,200 per year. The transaction fees for credit card payments are 2.40% while for FPX transactions, it’s 1.88-2.00% + RM 2.00.
  • SME Gold: The setup fee costs RM 280.00, with an annual fee of RM 365 per year. The transaction fees for credit card payments are 2.60% while for FPX transactions, it’s 2.40% + RM 2.00.

PayHalal accepts online banking from major Malaysian and Islamic banks as well as card payments. You can also start accepting payments seamlessly by adding “Pay with Payhalal” buttons across your website.

The Best Online Payment Methods in Malaysia

As you can see, there are various online payment methods in Malaysia that could help you handle customer payments easily. Some have international payment gateways while others only have a limited reach.

What’s best about these payment solutions is that you can integrate any one of them into your ecommerce website. They have application programming interfaces, plugins, and even buy buttons that you could install into your site.

On the other hand, if you don’t have your own ecommerce website yet, you can start right now for as low as RM 8.40 per month. The business plan only costs RM 19.00 per month and will give you more features.

When choosing an online payment method, make sure to pay attention to all sorts of fees you need to pay like setup and annual fees. You must also take note of the transaction fees that the solution will incur.

Flona / Customer Support Team @GMO

A Boss Level Tech nerd. Her interests range from all things web hosting to swiping food from the pantry. As she says, free food is the best food. You can't out nerd her and your food is definitely not safe when she's around.