Which online payment gateway is the best in Malaysia?

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The global e-commerce market is anticipated to experience over 56% growth and hit an approximate valuation of US$8.1 trillion by 2026, according to Statista. This offers many exciting opportunities for business owners in Malaysia to tap into.

To seize these opportunities and excel in the thriving e-commerce market, it's imperative for Malaysian businesses to have a robust e-commerce website that offers an online payment gateway that is reliable and secure. 

Offering varied payment options eases the buying journey for customers and helps mitigate cart abandonment, a common challenge in the e-commerce industry. 

How to compare online payment gateways in Malaysia

In Malaysia, several payment gateway options are available, including iPay88, PayPal and eGHL. Each has its unique features and benefits that cater to different types of businesses. With so many payment gateway choices available in Malaysia, how do you choose the right one for your business

Here are several critical considerations to keep in mind when searching for an online payment gateway:

  • Trustworthiness: The payment gateway should be dependable and competent enough to manage large volumes of transactions without any issues.
  • Security: It is also vital for the payment gateway to prioritise safety and possess robust fraud prevention measures.
  • Pricing and other fees: The payment gateway should offer transparent pricing and disclose any additional charges that might be applicable.
  • Settlement time: It's also essential for businesses to understand the settlement time of their chosen payment gateway to manage their cash flow effectively. 
  • Variety of payment options: The gateway should offer a broad range of payment methods, encompassing credit cards, debit cards, and online banking facilities.
  • Currency support: The payment gateway also needs to support key currencies by your customers outside of Malaysia, like the US Dollar and British Pound Sterling.
  • Integration capability: The payment gateway should seamlessly integrate with your existing e-commerce platform or shopping cart system.

Comparison List: Online payment gateway in Malaysia

So, what are the most popular and best payment gateway providers in Malaysia?

1. iPay88

iPay88 is a premier provider of online payment gateway services in Malaysia, with a mix of local and global payment alternatives. It's an optimal choice for enterprises seeking a dependable payment gateway packed with abundant features. However, businesses must keep in mind the charges that come with leveraging this service.


  • Zero annual fees for start-ups
  • Straightforward integration through mobile apps, POS integration, and terminal support


  • Higher set-up fees
  • Has annual fees for small and medium-sized enterprises (SMEs)

2. Stripe Payments

Stripe Payments is one of the most extensively adopted payment gateways globally. Compared to iPay88, Stripe is an excellent choice if your business caters to an international clientele due to its acceptance of over 130 currencies.


  • No annual or set-up fees
  • Accepts over 130 currencies
  • Immediate onboarding process


  • High transaction fees
  • Coding needed for customisation or installation of specific payment options 
  • Lack of complementary integrations with accounting and business software 

3. PayPal

Besides Stripe Payments, PayPal also ranks among the most well-known and easily identifiable payment gateway providers in Malaysia and worldwide. Business owners only need a PayPal account to process payments on their e-commerce websites. 


  • Easy set-up
  • No penalties for no sales as businesses pay only when they sell
  • Accepts over 35 currencies


  • High processing fees 
  • Payment acceptance is restricted to PayPal, credit cards, and debit cards.

4. eGHL

eGHL Systems Berhad (eGHL) offers secure and user-friendly online payment solutions for internet businesses across Malaysia and other Southeast Asian countries, incorporating card and non-card payment options.


  • Many methods of payments
  • Seamless integration with e-commerce platforms
  • Reliable customer support


  • Supports Malaysian currency only

5. Razer Merchant Services (RMS)

Razer Merchant Services (RMS), formerly MOLPay, stands out due to its extensive global reach among merchants and consumers. 

One of the notable advantages of RMS is its seamless system. Buyers do not need to exit the seller's site to complete payment, as it can be done in-page.

RMS also supports popular shopping applications such as Shopee, Lazada, and Taobao. It's a resilient payment gateway capable of handling many transactions concurrently. Impressively, it can manage high sales volume, even during high-traffic events like the renowned Single's Day - 11.11.


  • Can handle a large number of transactions
  • Seamless system
  • Convenient non-card payment option
  • Works with popular Malaysian shopping apps like Shopee and Lazada


  • High commission rates
  • Long onboarding time for credit cards

Payment gateway comparison: iPay88 vs Stripe vs Paypal vs Razer vs eGHL

So, Stripe or PayPal - which is better? What about iPay88 vs RMS? Choosing between different gateway payment providers can be challenging. Need some inspiration? Check out the four e-commerce platforms with the best payment gateways in Malaysia.

Here’s a comparison table that sums up the different providers as well as their fees, accepted payment methods, supported currencies, and settlement, approval and onboarding time.



Stripe Payments


Razer Merchant Services (RMS)


Set-up fee

SMEs and start-ups: RM488 

Annual fee

SMEs: RM500 

Start-ups: Zero lifetime fees 

Commissions per transaction

SMEs: 2.9%

Start-ups: 3.5%

Set-up fee


Annual fee


Commissions per transaction


3.9% + RM2

Cross border:

4.4% + Fixed fee based on the currency received

Set-up fee


Annual fee


Commissions per transaction

3% + RM1

Set-up fee

Starter: RM399

Small Biz: RM599

Annual fee

Starter: 1st year waived; 2nd year onwards RM399

Small Biz: 1st year waived; 2nd year onwards waived if transaction volume exceeds RM60,000 per year

Commissions per transaction

Starter: 2.8%

Small Biz: 2.5%

Set-up fee

Lite: RM499

Premium: RM400 

Annual fee

Lite: RM99 (waived for the first year)

Premium: RM499

Commissions per transaction

Lite, credit cards: 3.8%

Lite, online banking: 3.8%, or minimum of RM0.60, whichever is higher

Premium, credit cards: 2.4%

Premium, online banking: 3.8%, or minimum of RM0.60, whichever is higher

Premium, e-wallet: 1.4%

Accepted payment methods

Visa, MasterCard, Credit and Debit cards,

Malaysia Online 

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

PayPal, Boost wallet, Grabpay, TouchnGo pay, Vcash Wallet KipplePay

Visa, MasterCard, Credit and Debit cards, Discover

American Express, Malaysia Bank Transfer

Credit and Debit cards, FPX, AliPay, GrabPay

Visa, MasterCard, Credit and Debit cards 

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

Other Country Debit

Visa, Mastercard, Credit and Debit cards, Malaysia bank transfers, Razer Cash 

Supported currencies

Malaysian currency only 

24 currencies, including Malaysian currency

Over 135 currencies, including Malaysian currency

Malaysian currency only

10 currencies, including Malaysian currency

Approvals & onboarding time

Internet bank transfer: 7-14 working days

Credit card gateway: 1-2 months 



7-14 working days

Internet bank transfer: 3-5 working days 

Credit card gateway: 1-2 months 

Settlement time

Weekly transfer to bank account

Payment into PayPal Account instantly

7 calendar days

Weekly transfer to bank account

Lite Plan: RM2 per settlement

Premium Plan: Free

Weekly transfer to bank account

In the debate of the number of currencies accepted and fees, Stripe and PayPal take the lead with their wide variety of currencies as well as zero set-up and annual fees. For sellers with smaller transaction volumes, Stripe can often provide lower transaction fees for receiving payments from customers.

For businesses looking for easy integration, iPay88, eGHL, and RMS are options to consider.

Boost your online sales with the right payment gateway

The right payment gateway not only simplifies transactions for your customers but also reinforces their trust in your e-commerce platform, which also helps to improve your business’ conversion and retention rates. Having multiple payment options is also a winning strategy – Zalora’s case study explains it all.

Likewise, pay attention to your website infrastructure as well – a user-friendly will take your customer to the check-out page and reduce cart abandonment altogether. For a start, begin with these essential features any e-commerce website must have.

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