Malaysia has recently emerged as one of the best-emerging countries for companies seeking to expand. Malaysia's GDP growth has been more consistent and rapid than other Southeast Asian nations, making it a sought-after business site in 2022.
The region's online business will grow during the coming years due to additional technological and economic advancements. Malaysia is a centre for e-commerce, so if you run an online business, you've probably heard of Malaysian customers.
The merchant requires a suitable payment gateway Malaysia for every online business. Your consumer can safely make online payments thanks to a payment gateway Malaysia. The success of your online business depends on your choice of a secure and trustworthy payment gateway Malaysia that accepts all the popular payment methods.
Therefore, as a merchant, you need a secure and reliable high-risk payment gateway or international payment gateway for your online businesses if you operate an e-commerce website, gaming business, forex, or any other online business and want to expand your business at the global level.
In this blog, we will discuss payment gateway Malaysia in detail.
Have A Look On The Malaysia Economic
Malaysia's online sales reached the MYR1 trillion threshold for the first time in 2021, rising nearly 22% from 2020. Several factors have fueled Malaysia's online business boom, but the coronavirus (COVID-19) epidemic has been particularly significant.
In Malaysia, many people who had never shopped online routinely started doing so. The rapid growth of Malaysia's online industry has altered how individuals pay for items and has finally accelerated the adoption of digital payment systems in that country.
Let’s have a look at some of the vital facts about Malaysia’s online market -
- Malaysia has a total population of 32.98 million as of January 2022.
- An estimated 31.79 million people routinely access the internet, giving it an 89.6% penetration rate.
- 90% of Malaysians access the internet via mobile devices.
- The Malaysian e-commerce business may be worth $30 billion by 2025.
- Cross-border e-commerce accounts for 44% of all e-commerce sales and more than half of all online purchases.
- Customers prefer mobile devices to complete 55.9% of all e-commerce transactions.
- 33.9% of adults (aged 15 or older) made purchases online last year.
- An online shop sold meals to 34% of internet users.
Merchants must speak with worldwide payment services to get an all-inclusive payment gateway Malaysia because the Malaysian consumer market is open to foreign purchasing. For a business to expand, the payment gateway Malaysia must accept cash, bank transfers, e-wallets, and other forms of electronic payment according to their target locations.
The main factor in the success of your business is sales and payment collection. Consumers make 40% of international purchases in Malaysia. Because of this, enterprises must use a payment gateway Malaysia that meets every consumer's need. If clients are confident in the security of their trusted payment options for international transactions, this helps businesses grow.
You must therefore choose a payment platform like PayCly that accepts all types of digital payments worldwide.
What is The Most Popular Payment Method In Malaysia?
If you want to expand your online business in the Malaysian market, you must know about their customer's preferred payment methods. For any online business, especially e-commerce, cash payment is Malaysia's primary payment method. However, other payment methods like bank transfers and e-wallets are also becoming popular. Let’s look at Malaysia's most popular payment methods for online businesses.
Bank Transfer -
Bank Transfer is one of the traditional forms of making payments in Malaysia. According to the survey, In 2019, roughly 44% of online transactions used direct bank transfers. Consequently, they are in charge of fostering Malaysia's e-commerce industry.
Due to the recent launches of numerous online transfer possibilities by local banks, bank transfers will also be a common payment method in Malaysia.
Card Payments -
Making payment through credit/debit cards are one of the most popular payment methods worldwide. Today, most customers prefer credit cards to make online payments. When we talk about the Malaysia, credit/debit cards are the second most crucial payment method.
Around 36% of internet transactions used credit or debit cards. The use of credit cards could increase by 39% in the next year. The growth of online companies and Malaysia's better banking system are two reasons that encourage the usage of cards for online transactions. Interestingly, credit cards are used by Malaysians more frequently than debit cards.
Cash Payments -
Cash payments are one of Malaysia's most popular and traditional payment methods. It is one of the widely used payment methods in Malaysia. In Malaysia, cash is the most common form of payment. It comprises 7% of all digital transactions.
But, since the world aspires to become an interconnected, paperless global community, improved financial infrastructure and digital payments may soon render cash payments obsolete. As a result, Southeast Asia may see a sharp decline in cash payments.
Digital Wallets -
Currently, digital wallets are one of the most popular payment methods worldwide. Most of the customers have already adopted this payment method. In Asia, e-wallets handle nearly 50% of all digital transactions. Because more payment companies are providing consumers with digital wallets, Malaysia also anticipates a surge in digital wallets.
The challenge of obtaining payments from international clients has increased with the growth of e-commerce. Mobile wallets are a common feature of Malaysia's e-money systems, making it simple for users to pay retailers. Nonetheless, many clients purchase from foreign retailers, and they are required to make international payments.
To ensure that as many consumers as possible can make payments hassle-free, every retailer should have a very inclusive payment strategy.
Which Payment Gateway Malaysia Offer The Best Services For Your Online Businesses, And How?
Nowadays, online businesses are booming worldwide. So, you can get lots of payment service providers. But, the most challenging work is choosing the best one that fits your business-specific requirements because not all payment service providers are compatible with all types of businesses.
We recommend you choose an all-in-one payment solution, that is PayCly. PayCly establishes itself as a comprehensive payment solution by supporting a range of user interfaces and accepting various alternative payment methods. Users can make payments using any channel thanks to its compatibility with desktop, mobile, and television.
If your company sells goods in international markets, this all-inclusive payment solution is perfect for all types of online businesses. Because many customers do not utilize Mastercard, Visa, or American Express, cross-border payments necessitate alternative payment options.
Consumers will most likely stop using your business if they can't access these payment options.
To prevent this, you can work with a worldwide payment provider like PayCly to provide your clients with the right payment alternatives. Moreover, PayCly provides services for both receiving and sending international payments.
PayCly provides merchants with a wide range of payment options and more practical ways to take payments for their enterprises.
Let's check some of the benefits of using the PayCly payment gateway Malaysia -
- It offers merchant accounts, payment gateway, and credit card processing in one place.
- We cover all the PCI DSS issues and offer anti-fraud and anti-chargeback tools.
- Accept multi-currency worldwide.
- Accept payment methods like credit/debit cards, net banking, mobile payments, e-wallets, and cryptocurrency.
- We provide the best customer support services in the world.
- Our integration process is hassle-free.
- Compatible with all types of businesses, from low-risk to high-risk.
Final Thoughts -
Having the finest payment gateway Malaysia that enables customers to make payments in their currency using their preferred payment methods is crucial for your business in Malaysia. Choosing the finest payment gateway Malaysia might be very difficult because there are many possibilities.
Due to its experience working with various organizations, we advise you to select PayCly as your payment service provider.
You can contact the expert team directly to learn more about the PayCly payment gateway Malaysia.