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All You Need to Know: Digital Payment Methods in Malaysia

In today’s fast-paced world of all things e-commerce, it’s crucial for businesses to offer a variety of digital payment methods to stay ahead of the game. Why? Due to ever-evolving technology, fierce competition in the market, and meeting your customer’s expectations. After all, who wants to deal with complicated payment processes? 

It’s about making it easy for your customers to complete their transactions and come back for more. So if you’re in the e-commerce game, read on to find out about the variety of digital payment methods out there that’ll keep your customers happy and your online sales soaring.

So, what is digital payment? 

In Malaysia, online payments have come a long way. Now, it’s about using electronic means to transfer money for goods or services through online platforms or digital devices. Gone are the days of carrying cash, coins, or your chequebook!

This tech-powered process uses payment processing networks or payment gateways to securely and efficiently handle transactions. The best part? These payment methods have made it easier for businesses to receive payments and for customers to transact online. 

Types of digital payment methods

Let’s take a closer look at the digital payment methods available and how you can leverage them for your business:

Bank transfer

Bank transfer, also known as FPX (Financial Process Exchange), is the most popular online payment method. In 2022, FPX transacted a total of RM251.4 billion. Why is it so widely used? Because there’s no need for credit cards or e-wallet. To use FPX, simply select it as a payment option, choose your bank, and authorise the payment through the bank’s online portal. For example, you can settle your internet bills without the hassle of entering your credit card details or dealing with multiple e-wallets. As such, it is both secure and convenient.

Credit card

Credit cards have always been a popular form of online payment, trusted by businesses and customers alike. Think about it: you’re ready to check out with your credit card in hand. With secured card processing networks like Visa, Mastercard, and more, you can easily pay with just a few clicks. But how does it work? By using the customer’s credit line, obtaining authorisation from the credit card issuer, and transferring funds from the customer’s account to the merchant’s for settlement. Although credit card usage has declined due to the Covid-19 pandemic, it is likely to increase throughout the next few years.

Debit card

Debit cards are similar to credit cards where they are both small plastic cards. The key distinction lies in the way the funds are handled. When using a debit card, the amount is directly deducted from the linked bank account, which should have a sufficient balance in the first place. Thus, it is important to have a bank account before obtaining a debit card. There are, however, prepaid debit cards – cards that allow you to top-up without being linked to your bank account such as BigPay. 

E-wallet

E-wallets are like your digital pockets, where you can safely stash your debit cards, credit cards, and other payment methods. All you need is a digital device to seamlessly make payments. Say goodbye to entering lengthy payment information for every transaction you make. Really, it’s no wonder up to 62% of Malaysians favour e-wallets, becoming a hit in the country. Some examples of widely used e-wallets are Touch ‘n Go, GrabPay, MAE (Maybank Anytime, Everywhere), and Boost.

DuitNow

DuitNow offers one of the most convenient payment experiences for online transactions. Using just your mobile number or National Registration Identity Card (NRIC), you can send and receive money instantly. Similar to e-wallets, it eliminates the need for information such as bank account details. This form of payment has become extremely popular among Malaysians, where over half the population prefers this real-time payment method. Imagine splitting bills with your friends for that mamak session with a few taps on your phone – it’s that simple. 

Direct debit

Direct debit is a hassle-free way to make online payments without the need for credit cards or e-wallets. It is widely accepted by online merchants and is secure, processed through trusted payment gateways. Furthermore, you can easily manage and monitor your payments through your online banking portal or application. Once authorised, direct debit allows merchants to automatically deduct funds from a customer’s account, ideal for recurring payments. Bid farewell to manual transfers and enjoy the peace of mind when dealing with subscriptions and more.

Now, how do you boost your business with Curlec? 

Overall, we now know the trend that payment methods play an extremely important role in the success of an e-commerce business. Limited payment methods can deter potential customers and lead to cart abandonment – an issue that is on the rise.

However, with Curlec, you can provide your business with multiple digital payment options. This will provide customers the flexibility to choose their preferred payment method, reduce barriers to purchase, and increase the likelihood of completing the transaction. Ultimately boosting your online sales and growing your business in the Malaysian e-commerce landscape.

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Curlec Announces New Integration Partnership, Becomes The First Payments Provider To Offer Direct Debit & FPX to Xero Users In Malaysia

Curlec Xero Integration

Kuala Lumpur, 1 February 2023 – Malaysia’s leading payments platform, Curlec has announced its partnership with global small business finance platform, Xero to help empower businesses of all sizes to automate and reconcile their payment collections and take control of their cash flow.  

Curlec will be the first payments provider to offer bank-to-bank payment options such as Direct Debit and FPX to Xero users in Malaysia, in addition to card payments via credit and debit card.


Now available in the Xero App Store, Malaysia, the partnership is the first tie up Curlec has made with a global cloud accounting software after the company announced its majority stake acquisition by Razorpay, India’s leading Payments and Banking Platform, February last year. 


Zac Liew, Co-Founder & CEO of Curlec stated that he was delighted to be working with Xero. 

“We are incredibly proud to be working with Xero to help revolutionise the way businesses transact in Malaysia. This new integration structure is the first step to offer Malaysian business owners who have traditionally relied on disjointed systems and manual processes, the technology that can help run their businesses better with an easy integration into Xero – making their processes better, faster and smarter,” said Liew. 


Whether it is recurring or one-off payments, the partnership aims to solve some of the biggest payment reconciliation issues faced by local businesses historically – getting rid of the previous heavy admin and paperwork to process and reconcile payments. Businesses can now create a seamless payment collection experience online for their customers through Direct Debit, FPX and credit/debit cards, as well as automate its reconciliation process through Xero’s cloud-based accounting software, all within a few simple clicks. This ultimately puts businesses in control of when they get paid and their cash flow.


Xero’s cloud accounting software helps businesses sync bank and financial information, monitor cash flow, reconcile transactions, send invoices and get paid faster with online payment options. The Xero platform can help eliminate manual data entry and provides business owners with seamless bookkeeping, so they can get a better picture of how their business is performing, identify pain points and uncover new opportunities for growth.

Check out the new Curlec integration in the Xero App Store here. 

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Curlec + Xero: When Payments Meet Bookkeeping

Curlec Xero Integration

We’ve all been there. You sell a product or service, raise an invoice, and then, you have to wait for the customer to pay. There is nothing more frustrating. 

Cash flow problems are common concerns for businesses, big or small. And as business owners, when you don’t have an efficient process in place to get paid, the resulting late payments give a negative impact on your returns. 

While at the core of these problems are the methods used to collect payments, syncing your books with these billings can also be a difficult challenge. 

Building an entire payment infrastructure to power your business is just not an option for most businesses, even large ones. Today, Curlec + Xero provides you with this option, ready to use.

What is Xero?

Xero is a world leading online accounting software built for small businesses. The platform automates many day-to-day tasks and keeps business owners up to date on the operations side of business – eliminating manual data entry and providing businesses with seamless bookkeeping, so they can get a better picture of how their business is performing, identify pain points and uncover new opportunities for growth.

The Curlec + Xero Integration

Whether it is recurring or one-off payments, Curlec’s new integration with Xero is solving some of the biggest payment collection and reconciliation issues faced by local businesses – getting rid of the previous heavy admin and paperwork to process and reconcile payments. 

The first payments provider to offer Direct Debit & FPX to Xero users in Malaysia


Businesses can now create a seamless payment collection experience online for their customers through Direct Debit, FPX and credit/debit cards, as well as automate its reconciliation process through Xero’s cloud-based accounting software, all within a few simple clicks. This ultimately puts businesses in control of when they get paid and their cash flow.

In addition to that, the Curlec + Xero integration also helps businesses digitise their payment operations to provide their customers with a far more convenient payment experience. Afterall, how a customer pays, affects how long they stay.

Why is it important for your business?

As a business owner, you want to spend as little time and money possible to get back as much revenue and returns as you can. The Curlec + Xero integration helps you do just that, by providing the right combination of online tools to handle your operations and grow your business.

 

  •  Seamless Integration
    With hassle-free payment collection and automatic account reconciliation, simplify your bookkeeping process and save time on manual admin work to reconcile your transactions with an easy integration with Xero all within a few clicks.

  • Multiple Payment Methods
    Enrol customers for recurring payments via Direct Debit or credit/debit card, and have your payment collections scheduled for whenever it is due. Alternatively, you can also collect one-off payments through FPX or card by including a ‘Pay Now’ button in your Xero invoice for instant.

  • Cloud Accounting On The Go
    As business owners, you can stay connected anytime, anywhere, and on any device to keep track of your payment transactions and cash flow. Get real time updates and use Xero’s mobile app to send invoices and reconcile your accounts on the go!

Supercharge your payments today!

Connect with us to find out how we can help your business grow. For more info, check out the new Curlec + Xero integration here or find us in the Xero App Store here. 

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Curlec Year In Review: New Investors, New Features, New Beginnings! 🚀

In a blink of an eye, 2022 is coming to an end. Where did time go?

We at Curlec have been busy. After a whirlwind 2021 that brought us the new normal, 2022 was a year of new beginnings. New investors, new features, new products – all with the aim to support and propel the growth of our merchants and partners to take control of their cash flow.

As we step into 2023, let’s take a look back at some incredible milestones we’ve achieved.

Acquisition by Razorpay India

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We started the year off with the announcement of our acquisition by India’s leading Payments & Banking platform – Razorpay, with a vision of building payment and banking solutions from top to bottom, for any business.

Check out the press release here. 

Introduction of Curlec by Razorpay

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With the acquisition, we launched a brand new logo to mark the beginning of a new chapter. We’re still the same Curlec that you know and love, just better, stronger and faster!

Improved Technology

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We experienced a year of innovation success and excellence. We’ve released many new features – all centred around making Curlec smarter, faster and easier for customers to transact, and for merchants to collect. 

The Return of Offline Events

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This year, we were excited to welcome back offline events, reconnecting with our merchants and partners in person since the pandemic!

Our Team Grew

Created with RNI Films app. Preset 'Agfa Precisa 100'

From a small office of 20, we are now a strong team of 48! 2022 was focused on building a talented and diverse team with the sole purpose of serving our merchants better.

The Best Is Yet To Come!

We have big plans for 2023. Backed with a solid team, new features designed for a greater digital payment experience are coming your way!

We trust that you’ve had a monumental year, and wish that you’ll have more of these great moments with Curlec in the year ahead. Whether you’re having a white Christmas or a warm Yuletide, this is the season to be merry.

Wishing you a Merry Christmas and a Happy New Year from all of us at Curlec!

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Announcing the Acquisition of a Majority Stake in Curlec by Razorpay, India’s Leading Payments & Banking Platform

Kuala Lumpur, 8 February 2022 – Curlec is proud to announce the acquisition of a majority stake in our business by RazorPay, India’s leading Payments and Banking Platform for Businesses as part of its first international expansion into Southeast Asia. This marks Razorpay’s fourth acquisition overall and its first in international waters.

 

Razorpay, recently crowned as India’s Most Valued Private Fintech company, serves over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred and achieved $60 Bn Total Payment Volume (TPV) as of early December 2021. The Fintech Unicorn is at the forefront of India’s digital financial revolution building the central nervous system for Digital India, with clear dominance in digital payments and its fast growing business neobanking arm, RazorpayX. 

 

Leading the baton of innovation within the region, Curlec builds new-age technology solutions on top of existing payments infrastructure to make it easier for businesses of all sizes to collect recurring payments and take control of their cash flow. This acquisition marks an exciting new stage for Curlec, as both companies look to build and scale seamless payment solutions for Malaysian businesses, as well as enable global payments for the Indian businesses through this acquisition. 

 

“We are incredibly excited to be combining forces with Harshil, Shashank and the Razorpay team. We’ve long admired what they’ve built in India from afar and are fully aligned with a common vision of building payment and banking solutions from top to bottom, for any business. We look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia,” said Zac Liew, Co-Founder & CEO of Curlec.  

 

Commenting on Razorpay’s first international expansion, Harshil Mathur, CEO and Co-Founder, Razorpay said, “With Curlec coming onboard, we at Razorpay are really excited as we mark our first step towards expanding in the South East Asia region. With the vast experience in a heterogenous market like India over the last seven years, our expansion to the Southeast Asia payments market is timed exactly to coincide with the company’s growing dominance in all things payments.” 

 

He added, “The team and values of Curlec mirrors that of ours in every sense. It is incredible to witness the scale of impact that Zac, Steve and the Curlec team have created in such a short span of time. Curlec has a similar culture like Razorpay and the same product and tech first philosophy of building products and delighting customers. And so, we are eagerly waiting to work with Curlec’s incredible talent and strength.  With a measured approach, we look forward to learning the nuances of Malaysia, their business and customer needs, and slowly adapt and build products tailored to the SEA geography. Together, we are confident that we will be optimally positioned to take on the unique challenges that both India & Malaysian markets put forth, and look forward to reimagining and transforming the payments ecosystem in South-East Asia.”  

For more information on the story, visit RazorPay’s blog post here or media coverage on FinTech News Malaysia, The Economic Times India, Astro Awani, MalayMail, Deal Street Asia.

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