FPX vs DuitNow vs eWallets: What’s the Right Payment Method for Your Business in Malaysia?

Malaysia’s digital economy is booming, and offering the right online payment methods can make or break your conversion rate. Whether you run an e-commerce store, a subscription platform, or a service-based business, choosing between FPX, DuitNow, and eWallets isn’t just about convenience it’s about optimizing the customer experience and driving revenue.

In this article, we compare these three widely used payment methods in Malaysia to help you decide which one aligns best with your business model.

Not sure where to begin with online payments? Start with our Ultimate Guide to Online Payment Solutions in Malaysia for a full breakdown of payment gateway options and strategies.

What Is FPX?

FPX (Financial Process Exchange) is a real-time online banking system that allows customers to make payments directly from their bank accounts. It supports all major Malaysian banks and is widely used for e-commerce and utility payments.

Key Benefits:

• Real-time payment confirmation
  
  
• Wide bank coverage (Maybank, CIMB, RHB, etc.)
  
  
• Lower transaction fees compared to cards
  
  

Ideal for:

• E-commerce websites
  
  
• Government services
  
  
• B2B portals that prefer direct bank transfers
  
  

Drawbacks:

• Users must have online banking enabled
  
  
• Not suitable for unbanked populations
  
  

What Is DuitNow?

DuitNow is Bank Negara Malaysia’s initiative to simplify money transfers and QR payments. It supports:

• DuitNow Transfers (using phone numbers or NRIC)
  
  
• DuitNow QR (for in-store and online QR payments)
  
  

Key Benefits:

• Frictionless checkout (no need for account numbers)
  
  
• Compatible with all major banks and eWallets
  
  
• Widely adopted across physical and digital platforms
  
  

Ideal for:

• Small retailers
  
  
• Mobile-first businesses
  
  
• Peer-to-peer payments
  
  

Drawbacks:

• Less established for large-ticket items
  
  
• Still developing integrations with some payment gateways
  
  

What Are eWallets?

eWallets like Touch ‘n Go, GrabPay, Boost, and ShopeePay allow consumers to load money into an app and pay digitally often with cashback or rewards. They are especially popular among Gen Z and millennial consumers.

Key Benefits:

• User incentives (cashback, points)
  
  
• High adoption among younger audiences
  
  
• Fast checkout experience
  
  

Ideal for:

• F&B businesses
  
  
• Retail stores
  
  
• Promotions and loyalty campaigns
  
  

Drawbacks:

• Not all consumers use the same wallet
  
  
• Some wallets charge higher merchant fees
  
  
• Settlement times can vary
  
  

FPX vs DuitNow vs eWallets: Side-by-Side Comparison

Which Payment Method Is Best for Your Business?

For B2B or High-Ticket E-commerce:

Use FPX — it offers security, lower fees, and supports real-time clearing.

For Mobile Commerce or Social Sellers:

Use DuitNow QR — fast, easy, and no need to manage complex integrations.

For Retail and Promotions:

Use eWallets — consumers love incentives, and it encourages repeat visits.

Combine, Don’t Choose: Why Multi-Payment Support Matters

The best strategy isn’t to choose just one — it’s to offer multiple payment options. Many payment gateway providers in Malaysia allow you to bundle FPX, DuitNow, and eWallets under a single integration. This flexibility:

• Reduces cart abandonment
  
  
• Increases conversion rates
  
  
• Caters to a broader customer base
  
  

Curious about how to integrate these methods on your site? Follow our Step-by-Step Guide to Payment Gateway Integration.

结论

Each payment method  FPX, DuitNow, and eWallets has its own strengths. The right choice depends on your business model, target audience, and checkout experience goals. If you want to future-proof your business, consider offering all three through a reliable payment gateway provider.