FPX transactions refer to the process of using the Financial Process Exchange (FPX) payment system to complete online transactions. Here are some key points about FPX transactions:
- Real-time Payments: FPX supports real-time payments, enabling instant order confirmation for customers and immediate fund availability for merchants.
- Bank Integration: FPX connects directly with participating Malaysian banks for secure and immediate fund transfers from the buyer’s account to the merchant’s account.
- Security Measures: FPX employs top-notch authentication and security measures, such as two-factor authentication, to ensure the safety of transactions.
- Transaction Limits: The minimum transaction limit for FPX payment is MYR 1.00, and the maximum limit per transaction is MYR 30,000. For corporate users, the minimum limit is MYR 2.00, and the maximum is MYR 1,000,000 per transaction.
- Refunds: Refunds for FPX payments are asynchronous and can take approximately 1 week to complete.
- Bank Participation: FPX is supported by a wide range of Malaysian banks, including Maybank, CIMB, Public Bank, and others, making it a popular payment option for online transactions.
In conclusion, FPX transactions are a convenient and secure way to complete online purchases and bill payments in Malaysia, facilitated through the partnership with major banks and utilizing real-time payment processing.