Short answer — for most small businesses in Malaysia the best option to accept cashless payments is DuitNow QR (via your bank’s merchant/QR app, e.g., Maybank QRPayBiz). It’s widely accepted by customers, routes payments straight to your bank account, and — as provided by major banks and PayNet policy — is currently offered with zero or very low merchant fees for micro/small merchants. (maybank2u.com.my)

Why I recommend these (practical picks, by use case)

• In-person/brick‑and‑mortar (single stall, café, retail)

  • DuitNow QR (bank merchant apps like Maybank QRPayBiz): instant settlement to your bank account, widely used by Malaysians, and banks have been waiving merchant fees for small merchants. Best for lowest cost and simplest setup. (maybank2u.com.my)
  • Touch ‘n Go eWallet or Boost merchant accounts: good as a second option (many customers hold these wallets). You can accept these alongside DuitNow QR (some payment platforms/aggregators consolidate them). (hitpayapp.com)

• Mobile vendors / pop-ups / food trucks

  • DuitNow QR via a mobile merchant app (no POS hardware needed) — cheap and easy to display a printed/static QR code. Maybank’s QRPayBiz explicitly targets hawkers/food trucks. (maybank2u.com.my)

• Online stores / multi-channel sellers

  • Payment gateways / aggregators (HitPay, iPay88, Stripe, PayPal) — integrate card payments, e-wallets (TnG, Boost) and DuitNow QR in one place; useful if you sell on Shopify, WooCommerce or have delivery apps. Fees vary by provider but they add convenience and reporting. (hitpayapp.com)

• If you need tourism / cross-border acceptance

  • DuitNow QR accepts some foreign wallet QR codes and tourists’ QR payments; payment gateways may support WeChat Pay/Alipay/foreign cards if relevant. (maybank2u.com.my)

Quick pros & cons (high level)

• DuitNow QR (bank QR apps)

  • Pros: very low or zero fees for small merchants, instant settlement, accepted by many wallets/banks, simple onboarding for sole proprietors.
  • Cons: mostly QR-based (customers must scan); limited card-on-present features (but banks/aggregators offer terminals if needed). (maybank2u.com.my)

• E‑wallet merchant accounts (TnG, Boost, GrabPay)

  • Pros: many users; familiar app experience for customers; promos can drive sales.
  • Cons: each wallet is separate (you may need multiple accounts or an aggregator); merchant promos/fees vary.

• Payment gateways / aggregators (HitPay, iPay88, Stripe, PayPal)

  • Pros: multi-channel, accept cards + e‑wallets, developer integrations, dashboards and settlements.
  • Cons: processing fees per transaction; setup slightly more technical.

How to pick the best one for your business (practical checklist)

1. Primary sales channel: physical stall → DuitNow QR (bank app); online store → gateway (HitPay/Stripe/PayPal).
2. Cost sensitivity: if you want lowest fees, start with DuitNow QR (many banks waive MDR for small merchants). (maybank2u.com.my)
3. Customer preference: check which e-wallets your customers use (TnG, Boost, GrabPay).
4. Need for reporting/invoicing: gateways/aggregators provide more back-office features.
5. Hardware needs: if you need contactless card acceptance, consider a POS terminal from your bank or a payment terminal from an acquirer/aggregator.

Next practical steps (2–10 minutes)

• If you have a business bank account with Maybank (or another major bank): download the bank’s merchant QR app (e.g., Maybank QRPayBiz) and register — you can start accepting DuitNow QR quickly; documentation and onboarding are on the bank’s site. (maybank2u.com.my)
• If you sell online or want consolidated receipts and multiple payment methods, compare HitPay, iPay88, Stripe, PayPal for fees and integrations — HitPay is Malaysia-focused and supports local e‑wallets. (hitpayapp.com)

If you want, I can:

• Compare 2–3 specific providers (Maybank QRPayBiz vs Boost merchant vs HitPay) including setup steps, typical fees, and which one fits your exact business (give me your business type: stall, café, online store, etc.).