Payment Gateways in Malaysia Compared: Real Transaction Fees (2026)

• Malaysian gateways price FPX as a flat fee and cards as a percentage, which means FPX is not automatically cheaper. On Billplz Basic, FPX at RM1.25 only beats the 1.8% card rate above a basket of RM69.44. Below that, the card is cheaper.
• Vendor-direct rates: Billplz Basic is free annually with FPX B2C at RM1.25 and cards at 1.8%. The RM999 Standard plan drops those to RM0.75 and 1.5%, and breaks even at about 167 FPX transactions a month.
• Stripe charges 3% + RM1 on both cards and FPX, so it has no FPX advantage at all. On a blended RM100 basket it works out to roughly 4% against Billplz Basic at 1.47%.
• Settlement matters as much as rate. Next-business-day FPX against a ten-working-day card settlement is the difference between RM1,000 and RM10,000 of your money sitting with the provider.
• One widely published Malaysian comparison states a flat RM1.25 fee as “1.25%”. On a RM500 order that is a fivefold error. Every figure here is marked vendor-direct or secondary.

Most gateway comparisons list rates in a table and stop. That leaves the two questions that actually decide your bill unanswered: which payment rail is cheaper for your specific basket size, and how long the provider holds your money.

Both have arithmetic answers. Neither appears in the vendor marketing.

How This Comparison Was Built

Seven providers, selected on four criteria:

1. Serving Malaysian merchants with local rails: FPX, DuitNow, local e-wallets, or domestic card acquiring.
2. Realistically obtainable by an SME. Providers requiring enterprise volume are noted as such rather than presented as options.
3. Published pricing, or an explicit statement that none is published. Two providers in this list publish nothing, and that is stated rather than filled in with an invented number.
4. Active in 2026, accounting for the consolidation that reshaped this market.

Pricing confidence is marked on every figure. Where a rate was read from the provider’s own live pricing page it is marked vendor-direct. Otherwise it is secondary and indicative only.

That marking is not a formality here. While researching this piece I found a widely syndicated Malaysian gateway comparison describing Billplz’s free plan as charging “1.25%” when the provider’s own pricing page shows a flat RM1.25 per FPX transaction. Those are different things: on a RM500 order, RM1.25 against RM6.25. A merchant choosing on that basis would be working from a number five times wrong.

The FPX Crossover

Quick Answer: FPX is charged as a flat ringgit fee and cards as a percentage, so there is a basket value below which the card rate is cheaper. On Billplz Basic that crossover is RM69.44. On Billplz Standard and toyyibPay it is RM50.

Malaysian merchant folklore says push customers to FPX because it costs less. That is true for large baskets and false for small ones, and the dividing line is calculable.

Billplz figures vendor-direct from main.billplz.com/pricing, retrieved 27 August 2026. toyyibPay from its published pricing plans. Stripe secondary. Crossover is the basket value at which the two methods cost the same.

Worked through on Billplz Basic:

Computed from vendor-direct Billplz Basic rates, 27 August 2026.

Call it the FPX crossover. It has a direct commercial consequence: if your average order value sits below roughly RM70, the conventional advice to steer customers onto FPX is costing you money on every transaction. If your AOV is RM500, FPX saves you RM7.75 an order and steering is worth building into the checkout.

Stripe is the interesting exception. It charges 3% plus RM1 on both rails, so an FPX payment and a card payment cost a Malaysian merchant exactly the same. There is no rail to optimise toward.

Key takeaway: Work out your average order value first. It decides which rail to promote, and that decision is worth more than the difference between most providers.

What the Blended Rate Actually Looks Like

Quick Answer: On a RM100 basket split 50% FPX, 30% card and 20% e-wallet, Billplz Basic costs about 1.47%, Billplz Standard about 1.12%, and Stripe about 4%.

Headline rates mislead because no merchant takes payment on one rail only. Blending a realistic mix gives a number you can compare.

Blend assumes 50% FPX, 30% domestic card, 20% e-wallet on a RM100 average basket. Billplz vendor-direct; Stripe secondary. The blend is an assumption, not survey data, and your own mix will move these numbers materially. Computed 27 August 2026.

Stripe at roughly 4% against Billplz Basic at 1.47% is not a small gap. On RM50,000 of monthly volume it is about RM1,265 a month. Stripe earns that premium for some merchants through international card acceptance, instant onboarding and developer tooling. For a purely domestic Malaysian store it is expensive.

Key takeaway: Rebuild this table with your own payment mix before choosing. A business that is 90% FPX and one that is 90% card will reach opposite conclusions from identical quotes.

The Annual Plan Breakeven

Quick Answer: Billplz Standard costs RM999 a year and saves RM0.50 per FPX transaction against the free Basic plan, so it breaks even at about 167 FPX transactions a month. Below that, the free plan wins.

This is the payments equivalent of choosing between paying monthly and committing upfront, and it has a hard number attached.

Calculated from the RM0.50 per-transaction difference between Billplz Basic (RM1.25) and Standard (RM0.75). Vendor-direct, 27 August 2026. Excludes the additional 0.3 percentage point card saving, which lowers the breakeven further for card-heavy merchants.

The card rate also improves from 1.8% to 1.5% on Standard, so a merchant taking meaningful card volume reaches breakeven below 167 FPX transactions. If cards are more than a third of your mix, model both rails before deciding.

Key takeaway: Around 170 FPX transactions a month is the line. Below it, an annual plan is a prepayment for volume you do not have.

Settlement: The Cost That Is Not a Fee

Quick Answer: Settlement periods range from next business day to ten working days. For a business taking RM1,000 a day, that is the difference between RM1,000 and RM10,000 of your own money sitting with the provider at any moment.

Rate comparisons ignore this, and it is frequently the thing that hurts.

Billplz vendor-direct; others secondary. Float is illustrative, calculated as daily sales multiplied by settlement days. Retrieved 27 August 2026.

For a growing business buying stock against incoming revenue, a ten-working-day card settlement is a working capital problem that no fee saving offsets. A provider charging 0.3 percentage points more with next-day settlement is often the cheaper option once financing cost is counted.

Key takeaway: Ask for the settlement period per payment method, in writing, before you sign. Providers quote rates readily and settlement terms less readily.

The Seven Providers

1. Billplz

Pricing (vendor-direct): Basic plan free annually, FPX B2C RM1.25 and B2B RM3.00, domestic cards 1.8%, non-MYR cards 3.8%, e-wallets and DuitNow QR 1.5%, Atome instalments 6%, DuitNow Transfer RM1.25 with real-time payout. Standard is RM999 a year and drops FPX to RM0.75 B2C and RM2.00 B2B, cards to 1.5% domestic and 3.5% non-MYR. FPX payouts next business day, card payouts T+2. Shopify adds 0.3%.

Best for: FPX-heavy Malaysian businesses, and anyone who wants pricing they can verify without a sales call.

Honest assessment: the most transparently priced provider in this comparison, which is why it anchors every table above. Card and e-wallet methods require separate application with variable approval timelines, so the published card rate is not immediately available on signup. Built for collection rather than card-on-file subscriptions.

2. toyyibPay

Pricing (vendor-direct from published plans): Standard package FPX RM1.00 per transaction with one working day settlement, credit card 2% or RM1 whichever is higher with settlement around ten working days. A Santai package for non-profit organisations offers FPX B2C at RM0.00 and B2B at RM2.00, with RM100 onboarding and RM100 yearly from the second year.

Best for: non-profits, mosques, schools and micro-businesses collecting mostly by FPX.

Honest assessment: the zero-cost B2C FPX rate for eligible non-profits is the single best deal in Malaysian payments, and worth checking eligibility for before looking anywhere else. The card settlement period is the weak point. Limited e-commerce plugin coverage compared with Billplz.

3. senangPay

Pricing (secondary, conflicting): FPX reported at 1.5% or RM1 minimum whichever is higher, cards at 2.5% with a RM0.65 minimum, e-wallets at 1.5%. Annual fee reported at RM199 for a Starter package by one 2026 source and at RM300 a year by another.

Best for: social sellers and small stores wanting quick onboarding and simple payment links.

Honest assessment: the percentage-with-a-minimum FPX structure means the RM1 floor binds below roughly RM67, so small baskets behave like flat pricing and large ones do not. That is a meaningfully different model from Billplz or toyyibPay and deserves its own calculation.

4. Stripe Malaysia

Pricing (secondary, well documented): 3% + RM1 for domestic cards and FPX, no setup or monthly fees, 1% surcharge on international cards, 2% on currency conversion, standard payouts around seven days. GrabPay supported at 3%; Touch ‘n Go, Boost and ShopeePay not natively supported.

Best for: businesses selling internationally, SaaS and subscription models, and teams that want documentation and tooling over the lowest rate.

Honest assessment: the most expensive option in this list for domestic Malaysian volume, by a wide margin, and the best option for cross-border. The absence of native Touch ‘n Go, Boost and ShopeePay support is a real gap in the Malaysian market. If you invoice overseas customers, our note on currency costs when billing across the Causeway is worth reading alongside the FX surcharge.

5. Adaptis (formerly iPay88 and eGHL)

Pricing (secondary, indicative only): a reseller lists an indicative band of 2.8% to 3.2% for credit cards and online banking, stated as subject to change. Setup and annual fees have historically applied, with older published figures around RM499 setup for eGHL.

Structural note: iPay88 and eGHL, two of Malaysia’s longest-running providers, have merged into Adaptis. Any comparison still listing them as separate competitors is out of date.

Best for: established merchants needing omnichannel acceptance across online, in-store and mobile, including POS terminals and bank instalment plans.

Honest assessment: deep local acquiring relationships and the broadest method coverage, at a rate you must negotiate rather than look up. Worth the conversation above roughly RM100,000 monthly volume, rarely worth it below.

6. Fiuu (formerly Razer Merchant Services)

Pricing: not published. A 2026 review states that Fiuu publishes no transaction fees, setup costs or annual fees.

Best for: merchants who want broad Southeast Asian method coverage and are prepared to negotiate.

Honest assessment: I am listing this provider without a price because inventing one would be worse than admitting the gap. Long-established and widely integrated, but you cannot compare it against anything in this article without requesting a quote. For a small merchant, that opacity is itself a cost.

7. Curlec by Razorpay

Pricing: quote-based, positioned around recurring collection and direct debit rather than one-off checkout.

Best for: subscription businesses, gyms, tuition centres, insurance and anyone collecting the same amount monthly.

Honest assessment: direct debit mandates are a genuinely different product from checkout payments, and for recurring collection they avoid the card expiry and failed-renewal problem entirely. Not the right comparison for a standard online store.

What to Confirm Before You Sign

Quick Answer: Settlement period per method, whether card acceptance requires separate approval, chargeback fees, refund fee treatment, minimum settlement thresholds, and whether quoted rates are introductory.

• Settlement per method, in writing. FPX and card frequently differ by a week or more on the same provider.
• Separate card application. Several Malaysian gateways activate FPX quickly and card acceptance separately, with approval running into months. Apply for FPX first and cards in parallel.
• Chargeback and refund fees. Ask whether the original transaction fee is returned on a refund. Usually it is not.
• Minimum settlement thresholds. Some providers hold funds until a minimum balance accumulates, which matters at low volume.
• Introductory versus standing rates. A promotional rate that reverts on renewal is a first-year discount, not a price.
• Business entity requirements. Most gateways require a registered business, and card acquiring generally requires an incorporated entity. Our comparison of sole proprietorship, Sdn Bhd and LLP covers which structures clear that bar.

Worth knowing on cost: e-commerce setup falls within the approved categories for the MSME Digital Grant MADANI, so part of your storefront and integration spend may be claimable. Our guide to government grants for Malaysian SMEs sets out the 50% matching up to RM5,000 and who qualifies.

When the Cheapest Rate Is the Wrong Choice

Quick Answer: If your average order is small, if you need fast settlement, or if you sell internationally, the lowest published rate will usually not be your lowest total cost.

Three situations where chasing the rate costs more than it saves.

Small baskets. Below the FPX crossover, a flat-fee provider is more expensive per transaction than a percentage one. A RM25 average order on RM1.25 flat FPX is an effective 5%.

Slow settlement. A provider 0.3 percentage points cheaper that holds your money ten working days is not cheaper if you are financing stock in the meantime.

International sales. Domestic-optimised Malaysian gateways handle cross-border poorly. Paying Stripe’s premium for a genuinely international customer base is rational.

Two honest counterpoints against my own framing. Switching gateways is disruptive: checkout integration, reconciliation, recurring mandates and refund history all move with it, so the cheapest provider today is the wrong answer if you will outgrow it. And running two gateways, one for FPX and one for international cards, is common and often optimal, which makes “which single gateway is cheapest” the wrong question for a growing store.

Key takeaway: Total cost is rate plus float plus failed approvals plus switching risk. The published percentage is one of four terms.

Frequently Asked Questions

What are the real transaction fees for Malaysian payment gateways in 2026? Vendor-direct figures: Billplz Basic is free annually with FPX at RM1.25 flat and domestic cards at 1.8%. Billplz Standard is RM999 a year with FPX at RM0.75 and cards at 1.5%. toyyibPay charges RM1.00 per FPX transaction and 2% on cards. Stripe Malaysia charges 3% + RM1 on both cards and FPX.

Is FPX always cheaper than credit card in Malaysia? No. FPX is a flat fee and cards are a percentage, so there is a crossover. On Billplz Basic, FPX at RM1.25 only beats the 1.8% card rate above a basket of RM69.44. Below that the card is cheaper. On Billplz Standard and toyyibPay the crossover sits at RM50. With Stripe there is no crossover, since both rails cost the same.

Which Malaysian payment gateway has the lowest fees? For FPX-heavy domestic volume, Billplz Standard at RM0.75 per transaction is the lowest verified published rate, though the RM999 annual fee only pays for itself above about 167 FPX transactions a month. Eligible non-profits can access RM0.00 B2C FPX through toyyibPay’s Santai package.

How long do Malaysian payment gateways take to settle? Between next business day and about ten working days depending on provider and method. Billplz settles FPX next business day and cards T+2. Stripe pays out in around seven days. For a business taking RM1,000 a day, a ten-day settlement means RM10,000 of your money is held at any moment.

Do I need a Sdn Bhd to get a Malaysian payment gateway? Not always for FPX, but usually for card acquiring. Most gateways require a registered business at minimum, and card acceptance generally requires an incorporated entity with supporting documents. FPX onboarding is typically faster; card approval can take months, so apply for both in parallel rather than in sequence.

What happened to iPay88 and eGHL? They merged into Adaptis, combining two of Malaysia’s longest-running payment providers into one omnichannel platform covering online, in-store and mobile. Any comparison still listing them as separate competitors predates the merger. Razer Merchant Services separately rebranded as Fiuu.

Before You Choose

Work out your average order value. If it is below about RM70, the standard advice to push customers onto FPX is costing you money, and you should be comparing card rates instead.

Then ask every provider the same three questions: the settlement period for each payment method, whether card acceptance needs a separate application and how long that takes, and whether the quoted rate is introductory.

Only then compare percentages.

The rest of our Business guides price the surrounding costs in ringgit, including what a hire actually costs and every SSM registration fee.