iPay88 costs more upfront than most Malaysian sellers expect.
There is a setup fee, an annual maintenance fee, and per-transaction rates that vary by payment method. This breakdown covers every cost on the iPay88 SME plan, includes a cost calculator at different transaction volumes, and flags fees not on the public pricing page.
What Are iPay88’s Transaction Fees in Malaysia?
iPay88 is a Malaysian payment gateway that processes online transactions through FPX, credit and debit cards, international cards, and five local e-wallets. Acquired by global IT company NTT DATA in 2015, iPay88 offers an SME plan and a custom Enterprise plan. Transaction fees on the SME plan range from 1.5% for e-wallets to 3.2% for international cards, per merchant pricing documentation verified as of June 2025.
The rate you pay per transaction depends entirely on how your customer pays. E-wallets attract the lowest fee at 1.5%. FPX online banking and local credit cards sit at 2.7%. International cards reach 3.2%.
Here is the complete transaction rate table for the iPay88 SME plan in Malaysia:
| Payment Method | Transaction Rate | Minimum per Transaction |
|---|---|---|
| E-Wallet (Boost, TnGoPay, GrabPay, ShopeePay, MaybankQR) | 1.5% | None |
| Local Debit Card (Visa & Mastercard) | 2.5% | None |
| Online Banking / FPX | 2.7% | RM 0.60 |
| Local Credit Card (Visa & Mastercard) | 2.7% | None |
| International Card (UnionPay & others) | 3.2% | None |
Source: Merchant pricing documentation via accounting.my, June 2025. Rates apply to the SME plan. Verify current rates directly with iPay88 before committing, as gateway pricing changes.
iPay88 holds a registered merchant acquirer license with Bank Negara Malaysia, which provides regulatory oversight and an additional layer of merchant protection compared to unregistered payment aggregators.
The Enterprise plan offers lower card transaction rates (typically around 2.3% for local cards, per merchant community reports) for sellers processing higher monthly volume. Enterprise pricing is negotiated directly with iPay88 and is not published publicly.
How Much Does iPay88 Cost to Set Up and Run Per Year?
iPay88 charges a one-time setup fee of RM 527.04 (including 8% SST) and an annual maintenance fee of RM 540.00 (including 8% SST) on the SME plan, per merchant pricing documentation as of June 2025. Total first-year cost before any transactions is RM 1,067.04. From year two onwards, you pay only the RM 540.00 annual maintenance fee.
This is a meaningful distinction from newer Malaysian payment gateways. Billplz and Stripe Malaysia have no setup or annual fees. With iPay88, you are committing over RM 1,000 before your first sale processes.
Here is what you pay to get started on the SME plan:
| Fee | Amount | Notes |
|---|---|---|
| One-Time Setup Fee | RM 527.04 | Includes 8% SST |
| Yearly Maintenance Fee | RM 540.00 | Includes 8% SST |
| Bank Processing Fee | RM 900.00 | Waived on SME plan |
| Total First Year | RM 1,067.04 | Setup + year 1 maintenance |
| Year 2 Onwards | RM 540.00/year | Maintenance only |
Source: Merchant pricing documentation via accounting.my, June 2025.
The setup fee covers account creation, merchant onboarding, and access to the iPay88 payment dashboard and API. The annual maintenance fee keeps your account active and your integration supported. Neither fee is refundable once you have signed up.
The annual fee covers access to iPay88’s payment dashboard, API, and support for over 37 payment channels (per company merchant documentation), including Shopify, WooCommerce, and Magento integrations. For sellers evaluating the setup cost, the next section shows fixed costs versus transaction volume.
How Much Will iPay88 Cost at Your Transaction Volume?
At 1,000 transactions per month with an average order value of RM 100, iPay88 FPX fees total RM 2,700 per month plus RM 45/month in annualized maintenance. Total gateway cost: RM 2,745/month. E-wallet transactions at the same volume cost RM 1,500/month in transaction fees. These figures are calculated from iPay88 SME plan rates verified June 2025.
The fixed annual fee matters less as your volume grows. At low volumes (under RM 10,000/month), the RM 45/month in annualized setup costs is a significant percentage of total gateway spend. At higher volumes, transaction fees dominate.
This table calculates monthly transaction fees for the three most common payment methods at different volume levels, assuming an average order value of RM 100:
| Monthly Transactions | Monthly Volume | FPX Fees (2.7%) | E-Wallet Fees (1.5%) | Credit Card (2.7%) |
|---|---|---|---|---|
| 500 | RM 50,000 | RM 1,350 | RM 750 | RM 1,350 |
| 1,000 | RM 100,000 | RM 2,700 | RM 1,500 | RM 2,700 |
| 2,000 | RM 200,000 | RM 5,400 | RM 3,000 | RM 5,400 |
Calculated from iPay88 SME plan transaction rates (accounting.my, June 2025). Add RM 45/month (RM 540/year) for annual maintenance. FPX minimum of RM 0.60 per transaction applies to orders under RM 22; at RM 100 AOV, the percentage rate applies.
Most Malaysian ecommerce sellers process a mix of FPX, e-wallet, and credit card payments. Your effective rate will fall somewhere between 1.5% and 2.7% depending on which payment methods your customers prefer. Encouraging e-wallet adoption lowers your blended rate.
Want to see where iPay88 ranks against other Malaysian gateways at your actual volume? The best payment gateways Malaysia comparison shows side-by-side costs for five gateways. Find the cheapest option for your transaction mix in under five minutes.
How Do iPay88 FPX and E-Wallet Fees Compare by Payment Method?
iPay88 charges 2.7% for FPX online banking transactions (minimum RM 0.60) and 1.5% for e-wallet transactions, per merchant pricing documentation as of June 2025. The 1.2 percentage-point difference means a seller processing RM 100,000/month through FPX pays RM 1,200 more per month than a seller processing the same volume through e-wallets. Encouraging e-wallet adoption reduces gateway costs.
FPX connects to over 25 Malaysian banks, including Maybank, CIMB, Public Bank, RHB, Hong Leong Bank, and AmBank, per PayNet’s official FPX bank registry. Nearly every Malaysian shopper can pay via FPX regardless of which bank they use. This is why it remains the dominant online payment method for Malaysian ecommerce.
The 2.7% FPX rate on iPay88 means the minimum of RM 0.60 applies on any order under RM 22. On a RM 50 order, you pay RM 1.35. On a RM 100 order, you pay RM 2.70. The fee scales linearly with order value.
E-wallets work differently. At 1.5%, a RM 100 order costs RM 1.50 in gateway fees versus RM 2.70 for FPX. Sellers who can shift customer behavior toward e-wallet payment (by positioning TnG eWallet or GrabPay prominently at checkout) reduce per-transaction cost by 44% relative to FPX.
Here is a breakdown of what each payment type costs at different order values:
| Order Value | FPX (2.7%, min RM 0.60) | E-Wallet (1.5%) | Local Credit Card (2.7%) |
|---|---|---|---|
| RM 20 | RM 0.60 (minimum) | RM 0.30 | RM 0.54 |
| RM 50 | RM 1.35 | RM 0.75 | RM 1.35 |
| RM 100 | RM 2.70 | RM 1.50 | RM 2.70 |
| RM 200 | RM 5.40 | RM 3.00 | RM 5.40 |
| RM 500 | RM 13.50 | RM 7.50 | RM 13.50 |
Calculated from iPay88 SME plan rates, merchant documentation June 2025.
The full FPX setup guide covers how to configure FPX across iPay88, Billplz, and four other Malaysian gateways: FPX payment gateway integration guide.
What Are iPay88’s Hidden and Chargeback Fees?
iPay88’s public SME plan pricing does not list chargeback fees, currency conversion charges, or early termination fees, per merchant documentation reviewed as of June 2025. The bank processing fee of RM 900.00 is waived on the SME plan. Sellers processing international cards should request explicit confirmation of currency conversion fees from iPay88 before signing the merchant agreement.
Gateway pricing pages rarely show the full picture. Here is what to ask about before signing:
Chargeback fees. iPay88 offers chargeback dispute support, but the fee per disputed transaction is not listed in the public pricing. Chargeback fees typically range from RM 50 to RM 150 per case across Malaysian payment gateways, based on merchant community reports. Confirm the exact figure with iPay88 at the point of application.
SST on transaction fees. The published setup and annual fees include 8% SST at the current rate. Confirm whether per-transaction fees are quoted inclusive or exclusive of SST for your merchant category, as this can affect your effective rate.
Currency conversion. iPay88 supports international card processing. If your customers pay in a currency other than MYR, a cross-currency conversion fee typically applies on top of the 3.2% international card rate. Get this confirmed in writing before enabling international card payments.
Recurring billing. iPay88 supports recurring payment collection. If your business uses subscription billing, confirm whether there is a per-transaction fee for recurring charges or whether the same SME plan rates apply.
Settlement timing. iPay88 settles on a bi-weekly cycle, with funds typically reaching your bank account within approximately five working days of the settlement cut-off, per merchant documentation reviewed as of June 2025. For businesses that depend on fast cash flow for inventory restocking, this cycle is worth planning around.
For the complete comparison including settlement speed across all major Malaysian gateways, the iPay88 vs Billplz comparison covers settlement times, payout timing, and which gateway wins for cash-flow-sensitive sellers.
Frequently Asked Questions
How much does iPay88 cost in Malaysia?
iPay88’s SME plan costs RM 527.04 as a one-time setup fee (including 8% SST) and RM 540.00 per year for maintenance, per merchant pricing documentation as of June 2025. Transaction fees range from 1.5% for e-wallets to 3.2% for international cards. Total first-year cost before any transactions is RM 1,067.04.
What is the iPay88 FPX transaction fee in Malaysia?
iPay88 charges 2.7% per FPX online banking transaction or a minimum of RM 0.60 per transaction (whichever is higher), per merchant pricing documentation as of June 2025. On a RM 100 order, that is RM 2.70. On an order under RM 22, the RM 0.60 minimum applies since 2.7% of RM 22 equals exactly RM 0.59.
Does iPay88 charge a monthly fee?
iPay88 does not charge a monthly fee. It charges an annual maintenance fee of RM 540.00 (including 8% SST) on the SME plan, per pricing documentation as of June 2025. This equates to RM 45 per month. Enterprise plan pricing is negotiated directly with iPay88 and not published publicly.
What e-wallets does iPay88 support in Malaysia?
iPay88 supports Boost, Touch ’n Go eWallet (TnGoPay), GrabPay, ShopeePay, and MaybankQR on the SME plan, per merchant documentation as of June 2025. All five e-wallets are charged at 1.5% per transaction. This is the lowest transaction rate across all iPay88 payment methods.
Is there a free plan for iPay88 in Malaysia?
No. iPay88 requires a one-time setup fee of RM 527.04 and an annual maintenance fee of RM 540.00 on its SME plan, per pricing documentation as of June 2025. There is no free tier or trial period. Billplz and Stripe Malaysia both operate without setup or annual fees if you need a zero-upfront-cost alternative.