As e-commerce continues to grow rapidly in Malaysia, businesses are constantly searching for a reliable and trustworthy payment solution to cater to their customers’ needs.

In this regard, FPX Payments stands out as a popular payment method with over $90 million transacted yearly. In this article, we will explore why businesses in Malaysia should consider FPX Payment as a payment method to improve their customer experience and increase their revenue.

Additionally, you can look at our article, Payment Gateway 101: The Ultimate Guide for Malaysian Businesses, to make informed decisions when selecting a payment gateway for your e-commerce business.

What is FPX payment?

FPX is a commonly popular online payment method in Malaysia that allows customers to make real-time payments directly from their bank accounts. This secure and reliable platform redirects customers to their respective bank sites to initiate payments, before redirecting them back to the merchant site to complete the transaction process.

FPX will then streamline the process and transfer funds directly from the customer’s bank account to the merchant’s payment gateway account. This way, FPX offers a convenient and trustworthy method of payment that benefits both customers and merchants alike.

FPX Bank List

One of the major advantages of FPX Payment is the extensive support of over 20 banks across Malaysia. This offers customers a wide range of options to choose from, making it a convenient and flexible solution.

Their bank list includes:

1. Affin Bank

2. Alliance Bank Malaysia

3. AmBank (M) Berhad

4. Bank Islam Malaysia Berhad

5. Bank Muamalat Malaysia Berhad

6. Bank Rakyat

7. BSN (Bank Simpanan Nasional)

8. CIMB Bank

9. Citibank Berhad

10. Deutsche Bank (Malaysia) Berhad

11. Hong Leong Bank Berhad

12. HSBC Bank Malaysia Berhad

13. Industrial and Commercial Bank of China (Malaysia) Berhad

14. J.P. Morgan Chase Bank Berhad

15. KFH Malaysia Berhad

16. Maybank

17. OCBC Bank (Malaysia) Berhad

18. Public Bank Berhad

19. RHB Bank Berhad

20. Standard Chartered Bank Malaysia Berhad

21. United Overseas Bank (Malaysia) Bhd

Benefits of using FPX Payment

Enhanced security

FPX Payment is a secure and reliable payment method that utilizes a high-level security system - keeping you and your customer’s data safe from fraud and data breaches. As a result, customers can trust that their personal and financial data is protected, which helps strengthen customer loyalty.

Reduced Cart Abandonment Rate

Flexibility and convenience are the major selling point for e-commerce businesses as it allows customers to choose the bank that best suits their needs. The wide range of payment options can help reduce cart abandonment rates because customers are more likely to complete the transactions the more convenient the checkout process is.

FPX supports online banking payments via more than 20 banks, offering customers diverse options when it comes to choosing their preferred bank for online transactions.

You can also check our article on reducing drop-offs; 5 ways to improve your customer's shopping journey here to understand more about this topic.

Increase sales

Accepting payments from multiple banks can help to build a hassle-free checkout experience for customers, resulting in increased sales and customer satisfaction.

Customers are more likely to return to a store with a convenient and flexible checkout experience. Offering a wide selection of banks can help businesses to build a customer-centric payment flow, which in turn establishes a loyal customer base, drives growth, and increases conversion rates.

3 steps to integrate FPX Payment

How to integrate FPX payment in 3 steps:

1. Choose a payment gateway that supports FPX Then, request to enable the payment method with your service provider.

2. Integrate FPX payment into your website and mobile app Once you have registered an account with the payment gateway, you can enable FPX as a payment option on your platform. Detailed instructions for this step are usually available on the payment gateway developer documentation.

3. Test and launch After enabling FPX, it’s essential to test your payment system to ensure that everything works correctly. Don’t forget to make test transactions to ensure that payments are processed smoothly and that the funds are being credited to your payment gateway account. Once all is completed, you can launch your website with FPX as a payment method.

Conclusion

FPX offers a convenient and reliable payment solution for both merchants and customers because it is supported by a variety of renowned banks. Furthermore, this payment method is preferred by millions of Malaysians. Thus, merchants can tap into a vast potential customer base by incorporating this payment option.

Through FPX, merchants can decrease the cart abandonment rate, enhance their customer experience, increase their revenue, and gain a competitive advantage in the market.

Opn Payments offers the FPX solution that is easy to integrate, along with a variety of other popular payment methods for businesses in Malaysia. Our payment gateway is simple to set up and designed for a seamless payment experience. The solution comes with no maintenance fee, no redirection, and a service uptime of 99.99% even during peak hours. Opn Payments also has a local support team to provide timely assistance regarding FPX and the integration progress. Let us help you build the success of your business! Contact us today.