What is FPX? FPX Review

Basic Introduction

FPX is a real-time online payment gateway, similar to UnionPay in China. It facilitates inter-bank transfers whenever customers shop online or pay via swipe. When customers shop in online stores or websites, they only need an online banking account to use FPX to pay. For businesses, they only need to have a corporate online banking account to start accepting transaction payments from customers. All transactions and payments are secure and real-time.

Supporting Banks

FPX covers all the mainstream banks in Malaysia. The detailed bank list is: Affin Bank / Alliance Bank / AmBank / Bank Islam / Bank Rakyat / Bank Muamalat / BSN / CIMB Clicks / Hong Leong Bank / HSBC Bank / KFH / Maybank2U / Maybank2E / OCBC Bank / Public Bank / RHB Bank / Standard Chartered / UOB Bank

Available amount

For retail/personal bank accounts, the minimum limit per transaction is RM1.00 while the total maximum limit is RM30,000 per transaction.

For corporate/corporate banking, the minimum limit per transaction is RM2, while the general maximum amount is capped at RM1 million per transaction.

*The above transaction limit is subject to the customer's personal online banking limit at the bank, whichever is lower.

FPX supports two payment modes

1. Business to Consumer (B2C)

This model facilitates payments for retail customers. A common use case is an individual customer who has an online banking account with one of the FPX participating banks, purchases goods/services online or pays bills from participating sellers, debiting his/her current or savings account.

2. Business to Business (B2B)

This model facilitates payments for corporate customers. A common use case is that a customer (company or organization) purchases goods/services from a corporate online banking account in FPX B2B Bank or pays a bill online from a participating seller, with the funds being debited from their current account. Businesses will get paid faster, and it's easy to set up.

Payment Process

1. Select FPX as the payment method, enter your email address, and click Jump

2. Enter a name and click "Continue"

3. Select the payment bank, fill in the email address and phone number

4. Log in according to the requirements of the selected bank

5. Check the bill amount, confirm payment, and the order is completed.

FPX Features and Advantages

1. Support MYR to create transactions and MYR to pay; (support MYR pricing, which is very important for improving the payment rate)

2. Real-time payment, no risk of rejection.

3. Covers many mainstream banks in Malaysia, such as Maybank, CIMB Bank...

Development History

In 2019, FPX processed 236 million transactions, and online merchants collected a total of RM117 billion in payments through FPX, making it the largest online payment gateway in Malaysia.

On February 4, 2020, Malaysia Airlines has accepted Malaysian online payment gateway FPX for online ticket purchases.

References

• 1. FPX, the largest payment gateway in Malaysia: Zhihu [reference date 2020-06-04T16:00:00.000Z]