The Malaysian e-commerce market is one of the most dynamic and fastest-growing e-commerce markets in the world right now. According to ecommerceDB, Malaysia is currently the 33rd largest e-commerce market in the world. It is forecast to generate a revenue of US$8,567.7 million by 2023, with an expected increase of 10.0% in the same year. Increasing internet and mobile penetration plays an important part in this. According to an ITA (International Trade Administration) report, in 2021, 80 percent of Malaysia’s population were active internet users (27.4 million), and mobile phone penetration was 84.2 percent in the country.
In the past few years, the Malaysian e-commerce industry has tried to get rid of its image of a cash-dominated market and, in doing so, gets help from a real-time payment system called DuitNow. It helps boost account-to-account payments and eventually makes them the country’s most popular e-commerce payment option, which held 37% of all of the e-commerce transactions in Malaysia in 2022, according to the FIS Global Payments Report 2023. But cards are still one of the most significant payment options in the Malaysian e-commerce landscape. Accounting for 28% of the total e-commerce transactions in the country, of which credit cards are the dominant one. Because of the importance of credit cards in the country’s e-commerce landscape. Having the best credit card processing Malaysia becomes a necessity for local e-commerce merchants.
However, finding a suitable credit card processor is a very difficult task in a vibrant market like Malaysia. But you don’t have to worry about that. In this blog, we will help you find the best card payment solutions for your e-commerce venture in Malaysia.
Finding the best service provider for e-commerce credit card processing Malaysia
If you want to get a top-level credit card processor for your Malaysian e-commerce business, then you have to evaluate these points before making any decision regarding the selection of a card payment solution provider:
Awareness of local market trends
Before making any card processor your payment processing partner, it's better to check whether it's aware of the local market trends and acclimate its services according to those trends. For instance, the Malaysian e-commerce sector is going through an upsurge in mobile commerce. You can check whether the service provider is providing a mobile-friendly interface or not.
Fees
Before choosing any credit card processing solution, understand the fee structure, including setup fees, transaction fees, and any hidden costs. It should align with your budget and business model.
Multi-Currency Support
Before choosing a credit card processor, make sure the service provider can handle multiple currencies and provide transparent currency conversion. Because credit cards are the preferred payment method for about 80 percent of cross-border transactions in Malaysia.
Mobile-friendly solutions
An ITA report suggests that about a third of Malaysians shop through social media platforms like Facebook and Instagram, which makes mobile an important part of the Malaysian e-commerce landscape. Hence, choosing a provider that offers a mobile-friendly payment experience for customers remains the only option.
Security
According to Cyber Security Malaysia, an average of 31 cybersecurity cases like fraud, data breaches, and hacking take place in the country. Considering this fact, it becomes a necessity for an online merchant to choose a service provider for credit card processing Malaysia that has sophisticated fraud prevention tools, employs tokenization to safeguard customers' sensitive card details, and must comply with the PCI DSS for better card data management.
How can PayCly help you secure a reliable credit card processor in Malaysia?
If you want to tie up with a reliable credit card processor that could match the criteria for being a suitable credit card processor in Malaysia, you can blindly choose PayCly. PayCly is a world-renowned high-risk payment processor that is known for providing many high-risk services, like online payment services for forex trading, but its prime focus is always e-commerce credit card processing. Making PayCly your credit card processing partner in Malaysia comes with a lot of additional advantages, such as:
- Multi-currency support with more than 100 currencies to process payments.
- Sophisticated fraud prevention tools consisting of AI and machine learning experiences.
- Protection against fake chargebacks.
- One of the lowest processing fees in Malaysia.
- Multi-lingual 24/7 customer support, and many more features like these.
For further information regarding credit card processing in Malaysia, you can visit our website, and if you want services for more high-risk industries, like online payment services for forex trading, IPTV, or the adult industry, don’t hesitate. And don’t forget to choose the best credit card processing Malaysia
Visit us at: Online Payment Systems Malaysia
Read our blogs at: Blogs
