senangPay unveils new payment options and partnerships, strengthening its market position

• New API payout feature led to a 20%–30% transaction volume growth recently
• Claims over 3 billion transactions processed via its online gateway & terminals

Following the launch of the first Malaysian JCB payment gateway in collaboration with Soft Space, senangPay, a local payment gateway, founded by Malaysian entrepreneurs,  has achieved significant new milestones.

The company won the Best Solution Payments and Collections in Malaysia award at The Asset's Triple A Awards 2024, which it said affirms its commitment to providing a holistic payment gateway solution with strong yet simple API integration for businesses.

senangPay, which began as a simple solution for online payment transactions for Malaysian enterprises, aims to lead the digital payment revolution by introducing new payment options and features like SPayLater, Payout API, and its senangTap pay2phone feature. It also plans to continue forming strategic partnerships with local entities and the private sector. With the rise of cashless transactions among consumers, senangPay is investing more in cashless payment technology for both online and offline businesses.

In 2021, senangPay was acquired by Doku, a licensed payment fintech company in Indonesia. Chris Yeo, CEO of Doku, stated that this partnership has expanded the variety of payment methods available to senangPay, with nearly 30 options to date. The recent addition of JCB and SPayLater as payment options reinforces senangPay's commitment to providing innovative payment solutions for SME merchants. 

Yeo noted that the increase in payment options has led to significant growth in transactions, reflecting the growing preference for cashless transactions among Malaysians.

“With the advanced payment technology from Doku, both parties can collaborate effectively to help digitalise the payment landscape in Malaysia, making it more seamless and efficient for everyone,” Yeo said.

SenangPay, which has a base of over 3,500 active merchants, claims it has processed over three billion transactions through its online payment gateway and physical terminals. Its new API payout feature has contributed to a 20%–30% growth in transaction volume in recent months. 

Co-founder Mansor Abdullah (pic) highlighted that senangPay started with the vision of enabling SMEs to go digital without barriers, and it has grown into a feature-rich payment gateway supporting businesses of all sizes.

SenangPay operates under the regulation of Bank Negara Malaysia and adheres to PCI DSS compliance standards. It has been recognized by Mdec’s Malaysia Digital Status for its commitment to security. 

Recently, senangPay announced a collaboration with Mdec’s De Rantau programme, which aims to position Malaysia as the premier digital nomad hub in the ASEAN region. This initiative seeks to enhance digital adoption, promote professional mobility, and encourage tourism throughout the country. The company stated that through this partnership, SMEs can access a two-year subscription to senangPay’s Advance package at an affordable rate of just US$0.5 (RM0.25) per day.

Expanding its collaborative horizon, senangPay has partnered with Seedflex, a Shariah-compliant fintech company, to introduce its market-first Pay-As-You-Sell (Pays) Advance™ financing solution. Pays Advance™ provides merchants with a dynamic credit facility that can be paid back as automated fractional deductions from future sales. SMEs can access Pays Advance™ by simply registering their interest via senangPay, then receiving and repaying funds conveniently from their senangPay account hassle-free.

According to senangPay, it has continued its streak of success with the latest payment options and features introduced to the market. Since 2023, senangPay has been offering retail payment solutions, including the launch of both the pay2phone mobile app and physical payment terminal solutions. It will continue to promote these offline solutions alongside its online offerings to benefit more SMEs, particularly those in the retail sector.