FPX, the Online Payment Method for Malaysians

FPX, the Online Payment Method for MalaysiansFinancial Process Exchange (FPX) is an online payment gateway for Malaysians. It facilitates interbank transfer of funds from the buyer to the seller. The payment gateway is spearheaded by Bank Negara Malaysia and is managed by MEPS.

How does FPX works?

FPX can be used for bill payments and purchases of goods and services. There are two types of FPX services: Payment model and Collection model.

Payment model is to be used for B2C or B2B to support real-time payments for e-commerce business. Buyer required to have a Internet banking account with one of the participating FPX member banks.

Collection model is designed to function as an alternative payment method for non-Internet based business. Collection Model is ideal for bulk collection such as premium collection for insurance or unit trusts.

Here I only focus on the online payment method, FPX Payment model.

FPX Payment model

  1. Buyer checkout on merchant’s website then choose a preferred bank for debiting purposes.
  2. Buyer will be redirected to the bank’s Internet banking website.
  3. Buyer is required to login his/her account and approve the payment.
  4. Upon approval, the purchase value(money) will be credited to the merchant’s account.
  5. Both parties will receive a notification confirming the transaction.

Currently, there are 5 participating banks support FPX payment model:

  • Bank Islam
  • Bumiputra-Commerce
  • Hong Leong Bank
  • MayBank
  • Public Bank

My two cents

The FPX Payment model works like PayPal payment processing system, but FPX is limited to Malaysians only.

In order to apply as FPX merchant, you need to be a local registered company. Currently, there are only a few of FPX merchants. I believe it is not easy and not cheap to be one. Please refer to your bank for details on FPX.


[Thanks, Yvonne Foong]

ecommerce, fpx, gateway, malaysia, payment

19 Responses to FPX, the Online Payment Method for Malaysians

  1. WSLiang January 10, 2007 at 11:37 am #

    I believe it’ll be very expensive. Frankly speaking, I’ve yet to see any services provided by M’sia which is value for money. Try to get a merchant payment gateway from Maybank. You’ll be shocked of the price.

  2. Malaysia Property January 10, 2007 at 12:01 pm #

    yalo…this is not encouraging young entrepreneur who does not have much money to start up.

    somemore paypal doesn’t support malaysia account

    the only way is to use 2co.com but their fees per transaction is the highest

  3. didi January 10, 2007 at 6:52 pm #

    i though we still have malaysiapal ?

  4. KeVin January 10, 2007 at 11:04 pm #

    I believe they have to be some problem with malaysiapal lately….check out their site for some announcement.

    ahh well….!!

  5. LcF January 11, 2007 at 12:11 am #

    actually, malaysiapal is the ebook. The product is “Accent Card”. They are having some problems lately and the card cannot be used. They will roll out another solution soon.

  6. e-tech January 11, 2007 at 3:24 am #

    Hopefully paypal allows malaysians to withdraw soon..that would prolly also boost sales via sites like ebay.com.my

  7. ReadyCompanies January 11, 2007 at 1:09 pm #

    WSLiang hits the nail right on the head –
    Maybank gave us a verbal quotaion of RM 2,000 for setup and RM 300 monthly charges and a transaction charge of RM2.00 for a Sdn
    Bhd company with a Maybank2u account.

    i got around it by setting up an Enterprise – totally free
    i don’t know whether they will charge the transaction fee – but no problem

  8. sam January 13, 2007 at 8:54 am #

    how about PosPay? It’s started by one of the company under Pos Malaysia (or with the same owners).

    Seems like pretty potential stuff.

  9. Johnny Bravo April 5, 2007 at 1:43 pm #

    Well you might wanna take a look at this new payment service provider called StealthBuyer at


    They have a very sound system & cheap too. Seems simple and straight forward enough for those who wants to accept online payments.

    Similar to FPX but they allow international transaction at the same transaction fee. Now they are tied up with CIMB. Heard that they are welcoming RHB & Hong Leong Bank onboard very soon.

    A friend from this blog told me StealthBuyer is going to approach regional & international banks & merchants to establish global network. So very beneficial for Malaysia online merchants I would say.

  10. Johnny Bravo April 5, 2007 at 1:55 pm #

    Oh Sam, I wouldn’t bother about PosPay or even Mobile Money alike. “FAILURE” is the word. Your attempts should be PayPal, WorldPay or StealthBuyer if you want to sell outside of Malaysia as well.

    FPX, Maybank1U, etc..only good within Malaysia!

  11. LcF April 5, 2007 at 5:20 pm #

    @Johnny Bravo:

    A friend from this blog told me StealthBuyer is going to approach regional & international banks & merchants to establish global network

    Which blog? Not liewcf.com, right? I have no idea about Stealthbuyer.

  12. Johnny Bravo April 9, 2007 at 1:16 pm #

    Ya my friend is from another blog. Try browse their website. It’s a very interesting concept. I believe there is good prospects for Malaysian merchants now! Sadly I don’t own an online shop :-)

  13. Steve Wong April 22, 2007 at 8:46 pm #

    check with http://www.IPAY88.com , i think the service is affordable and value for money.

  14. LcF April 23, 2007 at 12:34 am #

    Thank you, Steve Wong. Are you using the ipay88 services?

  15. wheimeng January 3, 2014 at 10:41 pm #

    lol checking this so many yrs later… stealth buyer no longer exists.

    lcf – are you using fpx?

    your old old friend from ultraunix 😀

    • Cheon-Fong Liew January 7, 2014 at 9:11 pm #

      not using FPX anymore. :)

      • qibbix March 26, 2015 at 1:08 pm #

        So what are you using other than fpx

  16. Yuzman August 31, 2015 at 10:16 am #

    There is another payment gateway in town. http://senangpay.my It is focus on small businesses.

  17. Rosman November 12, 2015 at 11:10 pm #

    If you have small budget. I recommend senangpay like what i’m used at my website

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