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What is MEPS' role in FPX?
MEPS provides technical expertise as well as providing interbank switching and routing infrastructure for the banks. MEPS will also manage the clearing and settlement on behalf of the banks.
How does FPX works?
FPX is ideal for bill payments and purchases of goods and services. For both customers and merchants, it offers the ease of payment via the Internet.
There are two types of services that are currently offered by FPX :
- The Payment model:
- Click on "FPX" icon within the merchant's web page.
- Choose preferred bank for debiting purposes.
- Customer will be directed to the banks internet banking website and will be required to key in his/her User ID and Password.
- Upon approval, purchase value will be debited from the customer account and credited to the merchant's account.
- Both parties will receive a notification confirming the transaction.
- The Collection model
- Customer must complete the FPX collection form to authorize the merchant to debit his/her account for the agreed amount and time via the merchant's bank.
- The merchant will then notify the customer's bank to deduct the agreed amount from the customer's account.
- The agreed amount will be credited to the merchant's account.
The collection model is ideal for bulk collection such as premium collection for insurance or unit trusts.
How can I register as an FPX merchant? Must I have an account with a specific bank?
You can register as an FPX merchant at your preferred FPX participating bank. The respective bank will make all necessary arrangements for you.
Which platform must my web server use?
FPX services can run on any platform.
Do I need any additional hardware or software to accept payment via FPX?
You will be provided with a "seller plug-in" i.e. security software that must be installed at your web server.
Why should my business accept FPX as another payment channel?
FPX allows you to reach to a wider customer base including non-credit cardholders. In addition, you will enjoy real-time online payment and confirmation upon successful transactions. This will reduce your reconciliation requirements. In addition, you need not maintain accounts with multiple banks.
What is the maximum transaction limit?
Currently, the FPX Payment Model has a limit of RM5,000 per transaction for B2C transactions and RM100,000 for B2B transactions. As for the Collection Model, the limit is set by the customer himself. Please refer to your bank for the latest information.
What are the participating banks for FPX?
Currently, there are 11 participating banks:
- Bank Islam
- CIMB Bank
- Citibank
- Deutsche Bank
- Hong Leong Bank
- HSBC Bank
- Maybank
- OCBC Bank
- Public Bank
- RHB Bank
- Standard Chartered Bank
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