How to Accept Cashless Payment System in Malaysia
Accepting cashless payments in Malaysia is one of the best ways to attract new customers.
Moreover, customers have shifted the mode of payments from cash to cashless, primarily due to the Covid-19 pandemic.
Furthermore, cashless payments are a way to make a contactless payments in Malaysia.
In fact, most stores recommend doing a cashless transaction in Malaysia to prevent the spread of the Coronavirus.
Therefore, in the post-Covid days, it becomes essential to have a cashless payments system in Malaysia.
So, this blog will share the best ways to accept cashless payments in Malaysia.
Let's get started.
3 Ways to Accept Cashless Payments in Malaysia
There are several ways to accept cashless transaction in Malaysia.
However, here we will discuss the 3 best ways in the coming sections.
Moreover, these are the preferable ways for customers to make cashless payments in Malaysia.
So, let's have a look at them!
#1. Credit or Debit Cards
Nowadays, credit and debit cards are often used in Malaysia to make payments, either online or offline.
For instance, people use it to make cashless payments in restaurants, online/offline stores, bars, and more.
In other words, most merchants accept credit and debit cards through card machines for small businesses.
A survey of 2020 states that more than 45 million credit or debit cards are active in Malaysia.
Certainly, the primary reason behind the often use of credit and debit cards is the perks or benefits that the card provider offers.
For instance, making payments through cards can provide cashback, coupons, vouchers, discounts, and more.
In addition, credit cards also offer extra funds (other than savings) to make payments.
Therefore, to leverage these perks, people often use cards to make cashless payments in Malaysia.
Moreover, having a cashless payments system in Malaysia which accepts card payments can help your business/store.
#2. eWallets
eWallet is a way to make online payments in Malaysia through a smartphone or computer.
Moreover, it is a pre-paid payments system where people can store their money to make future cashless transactions in Malaysia.
Certainly, eWallets connectes with users' bank accounts, and they can add money to their eWallets any time they need.
Therefore, more and more customers prefer eWallets to make cashless payments in Malaysia.
Moreover, eWallets have been mushrooming in Malaysia for the last few years as it offers several benefits such as:
Convenience: Anyone can make payments through smartphones.
Security: It offers multi-level security along with a secret passcode (Pin).
Contactless payments: Prevent yourself from the spread of the Coronavirus; make contactless payments in Malaysia.
Thus, these are some benefits that come with the use of the eWallets payments system.
Moreover, these are the major reasons why Malaysian use eWallets to make payments.
Therefore, it is essential to accept eWallet payments at your store as a merchant.
Indeed, this can provide convenience in making cashless payments in Malaysia and help you boost conversions/sales.
#3. Online Payments Gateway
An online payments gateway in Malaysia is a perfect solution to accept cashless payments at your store.
According to a survey, most Malaysian merchants have integrated the best online payment gateway at their stores.
The reason behind this significant hype about using an online payments gateway for the cashless transaction is because it offers several features, including:
Integrates with POS (Point of Sale), i.e., easy to process payments.
Provides faster checkout to provide a better customer experience.
Accepts major payment options, including cards, eWallets, net banking, and more.
Multi-level security standards, including end-to-end encryption.
Provides recurring billing if you are in a subscription-based business.
Indeed, an online payments gateway is an all-in-one solution to accept cashless transaction in Malaysia.
Thus, these are some benefits of the best payment gateway in Malaysia.
Hence, these are the best ways to accept cashless payments in Malaysia.
Conclusion
From the above sections, you must understand how to accept cashless payments in Malaysia.
These are the ways most Malaysian customers use in their regular lifestyle to make payments.
Therefore, for the convenience of your customers, you must have a cashless payments system in Malaysia integrated into your store.
Moreover, you can choose the best payment gateway in Malaysia if you want the best payment system for your store.