Malaysia has recently become one of the best emerging markets for smaller businesses that wish to expand.
With a relatively consistent and high GDP growth compared to other Southeast Asian markets, Malaysia will be a hot business destination in 2022.
More technological and economic advancements in the coming years are also going to boost ecommerce in the region. If you’re running online stores, you must have come across the Malaysian market as it is the ecommerce hotbed.
However, expanding your business across the border requires you to collect international payments safely. Therefore you must become familiar with the best Malaysia payment method available for ecommerce in the region.
Malaysia’s Most Popular Payment Methods
If you wish to expand your business to the Malaysian market, you must have knowledge about the local payment methods. Cash payment in Malaysia is the primary payment method for ecommerce. However, bank transfers and e-wallets are also becoming popular.
Bank Transfers
Direct bank transfers represented about 44% of online transactions of 2019. Thus, they are responsible for driving the ecommerce economy in Malaysia.
Bank transfers will also be a popular Malaysia payment method because many local banks have launched various online transfer options in recent years.
Credit and Debit Cards
Credit and debit cards are integral payment methods for ecommerce all over the world. Similarly, they are the second most crucial payment method in Malaysia.
Credit and debit cards represented about 36% of online transactions. Credit card usage may grow by 39% in the coming year.
Some factors such as the rise of ecommerce businesses and an improved banking method in Malaysia boost the use of cards for online transactions. Notably, people in Malaysia use credit cards more than debit cards.
Cash Payment in Malaysia
Cash payment in Malaysia is the most used payment method. It accounts for about 7% of digital transactions.
However, better banking infrastructure and digital payments may soon make cash payments obsolete because the world aims to become an interconnected, cashless global village. Thus, there may be a significant decrease in cash payment methods in Southeast Asia.
Digital Wallets
E-wallets account for about 50% of the digital transactions in Asia. Malaysia also expects to see a rise in digital wallets because more payment services are offering digital wallets to consumers.
With the rise of ecommerce comes the task of collecting payments from international customers. Many e-money services in Malaysia offer mobile wallets that help customers pay merchants with ease.
However, many customers shop from international brands, and they have to make cross-border payments.
This is precisely why every merchant should have a highly inclusive payment strategy for their store, which can allow a maximum of customers to make payments with ease.
Malaysia Payment Gateway
Since the Malaysian consumer market is open to international shopping, merchants must consult global payment services for an all-inclusive payment gateway.
The payment gateway must offer bank transfers, cash, e-wallets, and other alternatives of digital payments for a business to grow.
Sales and payment collection is the primary agent that makes your business successful. Malaysian shoppers conduct about 40% of cross-border transactions.
This is why merchants must employ a payment gateway that suits all the needs of a customer which helps merchants in expanding their business once their customers can trust their reliable payment methods for cross-border payments.
Thus, you must consult a payment platform that accepts every form of digital payment from anywhere in the world.
Oceanpayment | Payment Gateway for Malaysian Shoppers
Processing cross-border payments via international acquirers does not require an international issuing fee for Malaysian shoppers. Processing cross-border Malaysian ringgit also does not affect the merchant in any way. However, the prevalence of fraud and data breaches in digital payments has plagued the minds of merchants and customers.
Thus, ecommerce stores need to integrate the safest payment methods for their customers. Oceanpayment, a global payment service, is one such payment solution for Malaysian shoppers.
It offers end-to-end encryption for online transactions and other security protocols that minimize the chances of data breaches and theft.
Your ecommerce business can efficiently process cross-border payments with the help of Oceanpayment. It encompasses every aspect of an online payment process.
From managing various issues that emerge with ecommerce to providing customized payment solutions to customers, Oceanpayment helps manage local and international payments conveniently.
This all-in-one solution for digital payments also offers customers more than 500 alternate payment methods.
Having a variety of options for making payments on e-stores result in a better customer conversion rate for the business, and it also simplifies the process of digital transactions.
You can read below about Oceanpayment offerings that make it a suitable payment gateway for collecting Malaysian payments.
An All in One Payment Solution
From supporting various user interfaces to accepting payments via 500 alternate payment methods, Oceanpayment proves to be an all-in-one payment solution. It supports desktop, mobile, and Tv, allowing users to make their payments via any channel.
This comprehensive payment solution is ideal for every type of online business if you sell products in international markets.
Cross-border payments require alternate payment methods because many customers do not use Mastercard, Visa, or American Express.
If a consumer market does not access these payment methods, your business will likely lose customers.
To avoid this, you can consult a global payment service such as Oceanpayment to offer your customers appropriate payment options.
Moreover, Oceanpayment also offers payment solutions for receiving and making international payments.
This is helpful for merchants as they do not need to look for various payment processing platforms that may resolve their payment concerns.
Thus, Oceanpayment offers a multitude of payment solutions to merchants and offers their businesses more convenient methods of accepting payments.
Conclusions
International customers can shop from a variety of online stores. This is why your store must provide them with the best payment methods that do not result in cart abandonment at check out.
This is where Oceanpayment’s various payment methods will prove beneficial for your business as it will help your business gain potential customers by offering them seamless and quick transactions.
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