Cards have always been an important topic in the conversation about digital or cashless payments. They were a dominant cashless payment method across the world some 4 or 5 years ago. However, in the post-pandemic world, the dynamics of online payments have drastically changed across the world. Now emerging nations have realized the importance of digital transactions to stabilize their economies.
As a result, developing countries started a revolution in digital transactions, and Malaysia has been a leader among such nations, if not globally, but certainly in its region. According to the Consumer Payment Attitudes Study 2022, in terms of cashless payment usage rate, Malaysia is only behind Singapore with a 96% cashless payment usage rate in the SEA region.
Although in the post-pandemic world, cards have been replaced by digital wallets, which now become the most popular online payment option, according to the FIS Global Payments Report 2023, which suggests that until 2026 e-wallets will be used for 54% of the total online transactions in the world. However, in Southeast Asian countries like Singapore and Malaysia, cards still have a significant place in the world of online payments, especially credit cards.
In Malaysia, cards are used for 28% of online transactions; a major chunk of those are credit cards. Because of this, credit card processing in Malaysia is a more important online payment processing solution for businesses to thrive in this country. According to a study by Visa, 70% of the card transactions in Malaysia are online card transactions. Hence, internet credit card processing in Malaysia has become the most important card payment processing solution.
Despite online or internet credit card processing’s importance in the Malaysian online payment landscape, the majority of the payment gateway for online payment Malaysia are still not up-to-date with the requirements of this new credit card payment processing solution. Although the case is not the same for every payment gateway provider that provides online credit card processing solutions to accept payments online in Malaysia via cards, PAYCLY is one of them.
PAYCLY is one of those credit card processing solution providers in Malaysia that provides the latest payment processing solutions for online credit card processing in Malaysia. In fact, PAYCLY’s sophisticated card payment processing solutions are changing the dynamics of the internet credit card processing landscape in Malaysia.
Changing dynamics is a slang term that can be used to describe the importance of something affecting a system or something similar to it and creating an impact that is shaping that system. PAYCLY is doing the same with the online credit card processing system in Malaysia. Let’s have a look at the payment processing solutions of PAYCLY that are bending the course of online credit card processing river of Malaysia:
Despite being one of the most advanced countries in Southeast Asia in terms of online payment infrastructure, Malaysia still faces a significant threat of cyberattacks on online transactions. Many research reports, studies, and news reports suggest that cybersecurity is a major issue for businesses in order to safely accept payments online in Malaysia.
According to news published in July 2023 in ET CIO Southeast Asia, the country lost 560 million MYR due to cybercrime in 2021. According to the Inspector-General of Police Tan Sri Acryl Sani Abdullah Sani, the instances of cyberattacks included fraudulent loans, SMS scams, online sales scams, online trading scams, Business Email Compromised (BEC) scams, and phony loans, as per the news published in September 2022 in the New Strait Times. The majority of these cyberattacks in Malaysia found their grounds in data breaches. The data of businesses and their customers is stored by banks and third-party payment processors that can be utilized by cyber goons if not handled properly.
Taking note of this, PAYCLY provides internet credit card processing in Malaysia with an advanced fraud prevention system consisting of sophisticated fraud prevention tools with AI and machine learning technologies to evaluate every transaction and sniff the possibilities of fraud.
It also uses many advanced technologies to provide a safe passage for card information to the card network for payment processing, such as tokenization to convert vital card details into secret codes that can only be read by the receiver. PAYCLY also employs 3D secure transactions for an extra layer of security. It is also a PCI DSS-compliant payment processor, which shows that it is a proficient service provider in card data management, as PCI DSS is the world’s best card data management service.
PAYCLY was one of the first payment gateway for online payment Malaysia to employ such security measures for online credit card processing. Now other payment service providers are following in the footsteps of PAYCLY. By embracing these features in order to provide safer internet credit card processing in Malaysia.
According to research conducted on online payments in Malaysia by PPRO, 56% of Malaysians use mobile for online payments. 90% of the population of the country is banked. 24% of the total population has credit cards, of which more than half use their mobile as a virtual POS terminal to pay via their credit cards.
Aware of this mobile love of Malaysians PAYCLY provides a mobile-friendly checkout platform that helps consumers pay with their mobiles with the fewest inconveniencies. As a result of this, businesses that are in partnership with PAYCLY to accept payments online in Malaysia have an extremely low card abandonment rate compared to other businesses, which helps them produce more revenue. However, by discovering this, the majority of the service providers in Malaysia are optimizing their check-out pages to be mobile-friendly.
High-risk businesses are those that pose higher chances of chargebacks and online payment fraud. Hence, the majority of the credit card processors in Malaysia avoid them. But PAYCLY is a different kind of online payment provider that provides internet credit card processing in Malaysia to every business, be it a low-risk business like a grocery store or a high-risk venture like forex trading. With the help of one of the safest credit card processing systems in Malaysia, PAYCLY has built a high-risk processing system, which helps it a lot in becoming a major online payment service provider in Malaysia. As a result, almost every new service provider is trying it, in process of becoming a big gun in the online payment service industry.
PAYCLY has become a trendsetter in internet credit card processing in Malaysia. It is one of the very first service providers to introduce the contactless payment method in the country. It also started a few years ago with QR-based card payment options in Malaysia. It also employed many new and technologically advanced security measures in its card processing system, like biometric authentication, to consolidate its security for online transactions.
Impact of PAYCLY’s card processing solutions on the Malaysian card processing landscape
In short, PAYCLY has been a transformative force in reshaping Malaysia's internet credit card processing landscape. Its emphasis on cybersecurity, marked by advanced fraud prevention tools and PCI DSS compliance, has elevated security considerations for merchants choosing a payment gateway. PAYCLY's mobile-friendly checkout platform, recognizing the prevalence of mobile payments in Malaysia, has set a standard, prompting other providers to optimize for mobile users. The company's unique support for high-risk businesses has disrupted industry norms, encouraging other processors to broaden their services.
Furthermore, PAYCLY's innovation, introducing trends like contactless payments and biometric authentication, has propelled Malaysia into a new era of technological advancements. Beyond its own success, PAYCLY has influenced widespread shifts in industry priorities and strategies, leaving an indelible mark on the evolution of digital payments in the country. As new payment service providers navigate the online payment landscape in Malaysia, they are more likely to find out that PAYCLY is a trailblazer that actively shaping the course of internet credit card processing in Malaysia.
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