Introduction: The Evolution of Digital Payments in Malaysia
Malaysia stands as one of Southeast Asia’s digital frontrunners, thanks to its tech-savvy population, strong e-commerce growth, and government-led initiatives like MyDIGITAL. As digital transactions increasingly replace cash, the role of reliable payment gateways has become mission-critical for businesses—from online retailers to mobile app developers and high-risk enterprises.
Payment gateways in Malaysia enable merchants to accept payments through credit/debit cards, FPX (Financial Process Exchange), e-wallets like Touch ‘n Go and Boost, and even cryptocurrency in some cases. With fierce market competition, the challenge lies in choosing a payment gateway that combines security, local integration, user-friendliness, and cost-effectiveness.
Below, we explore the top 12 payment gateways shaping Malaysia’s fintech landscape in 2025.
1. iPay88
Overview:
As one of the most established payment gateways in Malaysia, iPay88 is known for its comprehensive features and wide merchant adoption.
Key Features:
- Accepts credit/debit cards, FPX, Boost, GrabPay, ShopeePay
- Multi-currency support
- Fraud detection tools
- Customizable checkout
Best For:
Small to large e-commerce platforms
Pricing:
Setup fees apply; transaction rates vary by method
2. MOLPay (Now Razer Merchant Services)
Overview:
After its rebranding, Razer Merchant Services continues to support Malaysian merchants with a focus on e-commerce and youth-oriented brands.
Key Features:
- All major local e-wallets and FPX support
- Recurring billing
- Integration with Shopify, WooCommerce, Magento
- Easy-to-use dashboard
Best For:
Gaming, retail, and youth-targeted businesses
Pricing:
Competitive transaction fees; subscription plans available
3. Billplz
Overview:
Known for simplicity and fast onboarding, Billplz is a favorite among startups and SMEs in Malaysia.
Key Features:
- FPX payments
- Bill and invoice generation
- Real-time settlement
- API-friendly for developers
Best For:
Freelancers, service providers, SaaS platforms
Pricing:
Affordable transaction fees with pay-as-you-go plans
4. eGHL
Overview:
eGHL is the fintech arm of GHL Systems Berhad and serves merchants across Southeast Asia.
Key Features:
- Credit cards, FPX, Alipay, WeChat Pay
- Easy integration with major CMSs
- Recurring billing
- PCI DSS compliance
Best For:
Cross-border e-commerce businesses
Pricing:
Setup fees + 2.5–3.5% transaction rates depending on the payment method
5. SenangPay
Overview:
SenangPay is designed for non-tech users, offering a simple payment gateway ideal for local SMEs and social sellers.
Key Features:
- Card and FPX payments
- No-coding needed for integration
- Mobile-optimized checkout
- Built-in invoicing
Best For:
Home businesses, influencers, microenterprises
Pricing:
Setup fees apply; competitive transaction fees
6. PayHalal
Overview:
Malaysia’s first Shariah-compliant payment gateway, PayHalal is ideal for businesses targeting Muslim customers locally and internationally.
Key Features:
- Zakat-compliant settlement processes
- FPX, debit/credit cards, e-wallets
- Tamper-proof invoicing
- No interest-based settlements
Best For:
Halal and Islamic-compliant businesses
Pricing:
Custom plans based on volume and industry
7. ToyyibPay
Overview:
A fast-growing payment platform, ToyyibPay is built for low-cost transactions and simplicity.
Key Features:
- FPX support
- Simple dashboard
- White-label options
- Free plugins for Shopify, WooCommerce
Best For:
Startups and digital freelancers
Pricing:
Low flat-rate transaction fee (~1.5%)
8. Stripe Malaysia
Overview:
The global giant officially launched in Malaysia with FPX support, providing a developer-friendly API and global capabilities.
Key Features:
- Full API access
- Subscription billing
- Global card acceptance
- Integration with marketplaces, SaaS, mobile apps
Best For:
Tech-driven startups and global e-commerce
Pricing:
2.9% + RM1.00 per transaction (FPX rates lower)
9. HitPay
Overview:
HitPay is emerging as a popular no-code solution for SMEs and mobile merchants in Malaysia.
Key Features:
- QR code payments
- FPX, card, and wallet integrations
- POS support
- Instant settlements
Best For:
Retailers and service providers with mobile operations
Pricing:
Transaction-based; no monthly fees
10. KiplePay
Overview:
A Bank Negara Malaysia-licensed payment gateway offering merchant solutions and its own e-wallet.
Key Features:
- Student-targeted offerings
- Loyalty programs
- In-app integrations
- Secure KYC compliance
Best For:
Education, retail, campus ecosystems
Pricing:
Custom depending on usage
11. PayNet (via FPX Direct Integration)
Overview:
PayNet operates Malaysia’s real-time payment infrastructure. FPX is integrated directly with banks and gateways.
Key Features:
- Instant interbank fund transfer
- Preferred for B2B setups
- Regulated by Bank Negara
Best For:
Large businesses with high-volume FPX traffic
Pricing:
Via partnered gateways or directly with banks
12. AsiaPay
Overview:
Hong Kong-based AsiaPay also operates in Malaysia, offering advanced features for high-risk and enterprise sectors.
Key Features:
- Tokenization, 3D Secure
- Multi-language, multi-currency
- Payment analytics
- PCI DSS Level 1 compliance
Best For:
High-risk merchants and international enterprises
Pricing:
Custom rates for each business model
Malaysia’s Payment Gateway Ecosystem in 2025: A Look Ahead
The Malaysian fintech environment is only expected to grow with evolving customer behaviors and digital government initiatives. Key developments that are shaping the future include:
- Malaysia’s Open API Framework under MyDIGITAL
- BNM’s push for cashless transactions across industries
- Cross-border e-wallet interoperability in ASEAN
- Rise of Buy Now, Pay Later (BNPL) solutions
With increasing demand for high-risk merchant services, forex, gaming, and crypto sectors are also seeing more localized gateway providers and offshore integrations.
Choosing the Right Payment Gateway in Malaysia
When selecting a gateway, consider:
- Integration ease (API vs plug-and-play)
- Local vs global coverage
- Settlement time and currency support
- Industry-specific features (e.g., halal compliance, recurring billing)
- Fraud protection and chargeback support
Final Thoughts
Malaysia’s vibrant and fast-growing e-commerce and fintech sectors rely on dependable and innovative payment gateways. Whether you’re an SME selling locally or a global merchant expanding into Southeast Asia, the right payment partner can make all the difference. The gateways listed here each cater to distinct needs—from Halal-compliant merchants to tech-driven startups.
Use this guide to compare and choose the right solution that aligns with your business goals in 2025.
