For all the customers who face issues when making payments through their bank account and have been restricted with transfers, the FPX payment option in Malaysia is your saviour. FPX is a payment method that allows users to complete their transactions with existing banking credentials. To ensure maximum security and safety for their users, the portal is under the supervision of the PayNet group, which is owned by a list of Malaysian banks, including the Central Bank of Malasoya, Bank Negara Malaysia and 11 other major financial institutions. Till 2018, it was ranked as the most used, and renowned payment platform, recording nearly 90 million transactions.
It only supports bank redirect payment mode and is only available in Malaysia. MYR is the presentment currency of the platform, and it provides a refund to the user within 60 days. Praying for recurring transitions is not supported at FPX, and it immediately completes the payment. A list of Malaysian banks partnered with FPX is Bank Muamalat, Standard Chartered Bank, CIMB Bank, Bank Islam, RHB Bank, Kuwait Finance House, HSBC and many others.
FPX payment can easily be integrated into the web, iOS, Android and API using existing pre-built UI solutions. It also offers a pay-by-link option, where users can pay from the link. All the transactions are processed in the banking environment, as the user is redirected to the online banking page of the selected bank account. The minimum transaction limit for FPX payment is MYR 1.00, and the maximum limit per transaction is MYR 30,000.
Features of FPX Payment
- One of the most significant advantages that justifies the hassle-free payment option for the portal is no need for registration. Users only need an active bank account with the partnered banks to process the payment.
- Services of the payment option are available 24/7, depending on the bank’s availability.
- Payments done through FPX are immediately processed, debited from the payer’s account and credited to the receiver’s account.
- FPX is notified about all its payments with an email and online receipt.
- There are additional costs that users need to bear for their transactions.
- FPX users can quickly pay with their credit card, currency or savings account.
How to Use FPX Payment?
As already discussed, all the transactions are processed in the banking environment. Therefore, when selecting FPX as your payment partner for the transactions, users will be directed to the online banking page of their existing bank account. They need to enter their already registered bank credentials for the authorisation process. Once the payment is completed, the user receives a notification and is redirected back to the main application or website for which the payment is made.
Merchants and businesses can refer to the complete installation guide of FPX payment to get assistance in integrating it into their portals to increase customers’ trust.