Complete Guide to Malaysia's Payment System

Malaysia Payments Overview

Malaysia has a diverse payments ecosystem that blends traditional banking services, e-wallets and emerging fintech solutions. As the third largest economy in Southeast Asia, Malaysia's payments market is growing rapidly.

Mainstream Payment Methods

1. Bank card payments

• debit cards: Issued by local banks (e.g. Maybank, CIMB, etc.), widely accepted
• credit cards: Visa and Mastercard mainly, American Express is less used.
• Local card networks: MyDebit (debit card) and MEPS (ATM network)

2. Electronic Wallet (E-Wallet)

Major e-wallets include:

• Touch 'n Go eWallet(most popular)
• GrabPay
• Boost
• ShopeePay
• MAE(Maybank's e-wallet)

3. Online bank transfers

A complete guide to Malaysia's payment system (continued)

3. Online bank transfers

• FPX (Financial Process Exchange): Malaysia's most popular online bank transfer system, supports almost all local banks
• DuitNow: Real-time transfer system, just mobile phone number or ID number to complete the transfer
• IBG (Interbank GIRO): Bulk transfer service, which normally takes 1 business day to process

4. QR code payments

• DuitNow QR: National standardised QR code payment system, integrating major banks and e-wallets
• Merchant-specific QR code: Exclusive QR codes for e-wallets such as GrabPay QR, Boost QR, etc.

Cross-border payment programmes

1. International credit/debit cards

   • Visa/Mastercard widely accepted
   • JCB/UnionPay available at selected merchants

2. Cross-border remittance services

   • Western Union and MoneyGram Traditional Branch Services
   • Digital remittance platforms such as Wise (formerly TransferWise) and WorldRemit

3. Alipay and WeChat Pay

   • Accepted mainly in shopping districts and tourist attractions with a high number of Chinese tourists