Payment methods in Malaysia

Cross-border ecommerce is an essential part of Malaysian online shopping and makes up 44% of all ecommerce sales.

More than half (52%) of Malaysian online shoppers spend cross-border (JP Morgan).

And with a relatively young, digitally savvy population, Malaysian consumers are willing to look far and wide for the right products.

Payment by card

Despite the rise in popularity of digital wallets, cards are still going strong in growth. The number of credit card transactions increased by 42% between 2015 and 2020.

Payment by bank transfer

In the case of e-commerce payment, bank transfer is the most popular payment method in Malaysia (46% of online purchases)

Financial Process Exchange (FPX) is a popular bank-transfer method.
With local actors such as:
- Maybank
- CIMB Clicks
- PayNet / FPX
- RHB
- DuitNow
- Bank Islam
- Public Bank
- AmBank
- AffinBank
- HongLeong Bank

Payment by installment and BNPL

Payment by digital wallet and X-Pay

Malaysia leads Southeast Asia in digital wallet use by 40% take-up, as compared to neighbouring countries, the Philippines (36%), Thailand (27%) and Singapore (26%).

There are nearly 40 different e-wallets available in the country!
With local actors such as:
- Boost
- MAE by Maybank
- Touch’nGo wallet
- Bigpay

Payment methods in Malaysia interesting you?