Malaysia payments guide

A guide to payments in Malaysia.

Welcome to Malaysia

Like Indonesia, Malaysia is in the midst of accelerated ecommerce growth, driven largely by mobile.

Yet there are some significant differences between the two markets. Malaysian shoppers are comparatively open to cross-border shopping, with 40% of online transactions cross-border, and among Southeast Asian markets Malaysians are second only to Singapore in terms of credit card penetration and usage.

The growing use of mobile devices may herald an acceleration in ecommerce growth in the near term future, as mobile payments can be made from a mobile account instead of a bank account, which is particularly interesting considering that up to a third of the population does not have a bank account.

Key payment methods in Malaysia

Although credit card usage is somewhat higher in Malaysia than in most Southeast Asian markets, cash and online bank transfers are still considered preferable by most shoppers in the market.

Online bank transfers

Online bank transfer is the primary method of payment for ecommerce, accounting for 50% of online purchases. This payment method is offered by many Malaysian banks, including Maybank2U, CIMB Clicks, Hong Leong Connect, RHB Now, Af n Online, AmOnline, PBe and Bank Islam.

Cash-based payments

A popular method of paying for online goods and services is through convenience store chains such as 7-Eleven, or at petrol stations supporting ePay for bill payments.

Inside tips

Malaysia has strong financial regulatory controls. Due to this, the Malaysian Ringgit is a non-tradable currency, which cannot be settled outside the country.

However, processing cross-border payments through an international acquirer does not trigger any International Issuing fee for the shopper.

This means merchants who take this approach are not impacted when processing Malaysian Ringgit cross border.

Finally, it is worth noting that in order to help clamp down on online fraud, local acquirers mandate 3D Secure as an additional layer of authentication of the customer.

Vårt tips

Många handlare stöder inte Bancontact köp genom mobilen, vilket kan minska konverteringen. Den traditionella versionen av Bancontact kräver att man legitimerar sig hos sin bank med ett digipass eller en kortläsare för att generera en token för autentisering. 

Handlare borde använda sig av den mobila versionen som höjer konverteringen. Genom den är det även enkelt att handla från datorn då kunden bara behöver scanna en QR-kod för att legitimera sig. 

Om du stöder Bacontact/Maestro behöver du se till att din Checkout inte kräver CVC då belgiska Maestrokort inte har CVC.

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