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