Top payment gateway companies in Malaysia

Author: Chiam Kai Sheng

Date: 1/7/2022

With the rapid development of the Internet age, E-wallets are becoming more widespread and sophisticated but recent news shows that the crime rate of online fraud is increasing. The reason for being deceived comes from people's lack of awareness of online safety precautions and the main reason is vulnerabilities in payment gateways were exploited by criminals. Through the recent news, we can know that the victims are paid through improper payment gateways. As a result, data theft and financial loss are caused. Therefore, using a payment gateway recognized by the government will greatly reduce the probability of being scammed. So let us figure out the top payment companies in Malaysia.

iPay88

In 2000, a payment gateway company iPay88 was established in Malaysia.iPay88 is South East Asia’s Leading Payment Company. A Japanese system integration business renowned as one of the world's pioneers, NTT Data, successfully purchased iPay88 in 2015.iPay88 is the perfect solution for both small and large businesses thanks to its extensive feature set. iPay88 can service e-commerce companies, marketplaces, applications, and more due to its broad variety of features. Apart from this, security and fraud prevention comes first with iPay88. Given that iPay88 offers cutting-edge payment solutions via Mobile Apps, POS integration, and Terminal safe to conclude that it's rather simple to incorporate into your online presence offerings. To make sure of this, they have registered with Bank Negara Malaysia and are PCI DSS certified. In addition, if you offer services or subscriptions, recurring payment options are available with iPay88. This makes it excellent for paying bills and making donations. Customers can email payment links to their clients or post direct links on their website or social media page. These choices include the ability to send his clients E-billing.

MOLPay

MOLPay was established in Malaysia at the end of 2005 and was originally named NBe Pay until it was acquired by MOL Global Group in 2011. In addition, Razer's payment platform is based on MOLPay.MOL is the largest Internet company in Southeast Asia. Among them, MOLPay is the first third-party payment service company in Malaysia, which provides online payment, mobile payment services, payment channels, and Razer Cash function for cash payment at convenience stores 7-11 and Petronas, Razer Cash has more than 40,000 brick-and-mortar locations in Southeast Asia, allowing customers to receive instant payment notifications and travel to the nearest brick-and-mortar location to make payments. The emergence of Razer Cash is because some Malaysian consumers still have doubts about the method of online payment and binding credit cards, and are afraid of being scammed during the consumption process. According to Nielsen's global savings and investment strategy, it can be found that 60% of Malaysian consumers prefer using cash to pay, Razer Cash just provides consumers with a convenient and fraud-free cash payment method. At the same time, through this payment method, a wider range of potential consumers can easily purchase online products. More convenience means More sales, according to official statistics, companies are expected to increase sales by more than 40% after using this service. MOLPay provides a variety of online payment, physical payment methods, and management of fraud cases, ensuring a safe payment solution for buyers and sellers.

eGHL

eGHL started as early as 2000 as a business unit under the GHL system. In 2013, GHL Systems Berhad (eGHL) was established and officially launched as eGHL on April 15, 2014. For online businesses in Southeast Asia, it offers a safe, cost-effective payment system that accepts both card and alternative payment methods. As a non-bank acquirer, eGHL conforms with Malaysia's Financial Services Act 2013 and is overseen by the Central Bank of Malaysia. It was first accepted by FPX as a third-party acquirer in Malaysia and then obtained the acquiring license from the Central Bank of Malaysia. eGHL creating an easy-flowing payment system for your customers. This demands a straightforward design with few redirects, as they can turn off digital citizens. To ensure the safety and security of customers. PCI DSS Level I certification is held by eGHL. This enables them to handle more than 6 million transactions each year while making sure that the data is securely stored, processed, and sent. eGHL provides their clients the option of making recurring payments, which guarantees that clients will always be paid on time.