Fiuu Review

Fiuu is a Southeast Asian payment gateway and merchant acquirer based in Shah Alam, Selangor. Until March 2024 it traded as Razer Merchant Services, and before that as MOLPay. It is a subsidiary of the gaming company Razer Inc. Fiuu is registered with Bank Negara Malaysia as a non-bank merchant acquirer, and it acquires Visa, Mastercard and JCB transactions directly. One integration gives a merchant cards, FPX online banking, DuitNow QR, the main Malaysian e-wallets, buy now, pay later and cash payments at 7-Eleven. Fiuu also sells Android payment terminals and a phone app that takes Tap to Pay. Its self-serve Malaysian plan, Fiuu Booster, has a published rate card. As of November 2026, local credit cards online cost 2.00% + MYR 0.45 and FPX costs 1.00% with a MYR 1.20 minimum. The MYR 999 sign-up fee and the first year's MYR 99 annual fee are waived. The weaknesses are in the terms. Card money settles weekly, on Thursdays. The agreement runs 12 months and renews automatically. If no security deposit was taken, money Fiuu owes you on exit is paid six months after termination.

Estimated annual cost at three realistic processing volumes, using Fiuu’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.

What Fiuu is

Fiuu is a payment gateway and merchant acquirer for Southeast Asia, run from Shah Alam, Selangor. Its Malaysian company is Razer Merchant Services Sdn Bhd, which Bank Negara Malaysia's register lists as formerly known as MOLPay Sdn Bhd. Fiuu says it has been a payment gateway and merchant service provider since 2005 and that it became part of Razer Inc., the gaming hardware and software company, in 2018. A 2012 report in The Paypers says MOLPay was founded in 2005 as NBePay and was acquired by the MOL Global group in August 2011. Razer's March 2024 release gives a different date, saying Fiuu was "Established in April 2018"; that is the founding of Razer Fintech, Razer's payments arm, not of the gateway business, so we use 2005. On 7 March 2024 Razer announced that Razer Fintech and its B2B payments unit, Razer Merchant Services, would rebrand as Fiuu and operate as a standalone subsidiary of Razer Inc. Eng Sheng Guan became chief executive, and the previous Razer Fintech CEO, Lee Li Meng, became executive chairman. We found no report of Razer selling Fiuu since the rebrand. Fiuu's own about page still describes it as part of Razer Inc. In 2021, Berjaya Corporation said its fintech arm kept a 19% stake in Razer Fintech Holdings after selling a 30% stake to a Razer company. We have not confirmed how that holding maps onto Fiuu today.

Fiuu says it processed USD 13 billion in total payment volume in 2025, up 32.65% on 2024, across more than 960 million transactions. Its about page lists 75,000 merchants, about 350 employees and seven regional offices, in Malaysia, Singapore, the Philippines, Thailand, Indonesia, Hong Kong and Taiwan. These are the company's own figures. This review is written on a Malaysian basis, using the Malaysian rate card and terms.

Why we list Fiuu as a payment platform

Fiuu holds the acquiring relationship itself. Bank Negara Malaysia lists Razer Merchant Services Sdn Bhd as a Registered Merchant Acquirer (Non-bank). Fiuu has announced direct acquiring licences from Mastercard in Malaysia (2022), from Visa in Malaysia, Singapore and the Philippines (2023), and from JCB in the same three markets (July 2026). Its terminal page says it is a direct acquirer for Visa, Mastercard, MyDebit, UnionPay, Diners/Discover, DuitNow QR and e-wallets. The merchant signs Fiuu's own agreement, Fiuu sets the price and settles the money, and its FPX schedule names Fiuu as the acquirer. For some channels it routes transactions through a third-party payment partner. Its onboarding feels like a facilitator's: self-serve sign-up, the "Fiuu" descriptor on card statements, and the power to hold settlements. We considered payfac for that reason, but chose platform because Fiuu is the registered acquirer of record rather than a sub-merchant layer on someone else's licence.

Pricing

Fiuu publishes its prices for the self-serve Booster plan as a Malaysian pricing appendix, linked from the View Pricing button on booster.fiuu.com. The file we read is dated 17 August 2026 in its name. All figures below are from that appendix, as of November 2026, in Malaysian ringgit. The appendix does not say whether the rates include SST. Clause 5.2.5 of the Booster terms lets Fiuu deduct any applicable taxes, including SST at the prevailing rate, from settlements, but neither document says whether the listed rates include or exclude SST.

• Set-up: one-time sign-up fee of MYR 999 per outlet, waived. Annual maintenance fee of MYR 99, waived for the first year.
• Online Visa and Mastercard: domestic credit 2.00% + MYR 0.45, debit 1.79% + MYR 0.45, prepaid 1.91% + MYR 0.45, charge cards 3.37% + MYR 0.45. Foreign cards 4.01% + MYR 0.84.
• In-store Visa and Mastercard: domestic credit 1.70% + MYR 0.40, debit 1.37% + MYR 0.40, prepaid 1.49% + MYR 0.40, charge cards 2.95% + MYR 0.40. Foreign cards 3.54% + MYR 0.83.
• Other cards: MyDebit 0.90% online (MYR 1.20 minimum) and 0.85% in-store. Diners Club/Discover 3.20%. UnionPay 3.00% online and 2.60% in-store.
• FPX online banking: B2C 1.00% (minimum MYR 1.20, maximum MYR 2.00). B2B 1.00% (minimum MYR 1.70, maximum MYR 2.50).
• E-wallets and QR, online: DuitNow QR 1.05% (1.40% for the LCA variant), Touch 'n Go 1.50%, ShopeePay 1.30%, GrabPay 1.40%, Boost 1.40%. In-store: DuitNow QR 1.00%, Touch 'n Go 1.10%, ShopeePay 1.00%, GrabPay 1.05%, Boost 1.00%.
• Surcharges on foreign premium and commercial cards: 0.28% to 0.75% online and 0.40% to 0.87% in-store, by card tier. Apple Pay, Google Pay and Samsung Pay add 0.10%. MOTO and non-3-D Secure payments add 0.15%.
• Other fees: chargeback MYR 50, refund service charge MYR 0.60 (FPX refunds need Fiuu's ORF facility), tokenisation MYR 0.05, zero-amount card verification MYR 0.25 (domestic) or MYR 0.50 (foreign). Fiuu Cash at 7-Eleven/KK Mart 2.40% (minimum MYR 1.40).
• Shopify: merchants using Fiuu's Shopify app pay an extra 0.25% on every channel.

The card rates are blended. One percentage plus a fixed fee applies to every domestic consumer credit card. Extra surcharges apply to foreign premium and commercial tiers, to B2B virtual cards (0.56% domestic, 0.82% foreign, online) and to foreign non-basic cards (0.66% + MYR 0.39). The appendix marks Visa, Mastercard, MyDebit and Diners/Discover as subject to approval by the channel owner. The appendix is a published starting price for self-serve merchants. Larger merchants go through Fiuu's sales team, and the contact form asks for monthly volume and average ticket size.

How it works

A merchant registers at booster.fiuu.com, picks online, in-store or both, submits company documents for checks, and then integrates Fiuu's API, a shopping-cart plug-in or the hosted payment page. Fiuu's FAQ says a representative should be in touch within 24 hours, that most merchants can take non-card payments within a week, and that card acceptance takes around a month to approve. The FAQ lists six integration options, and plug-ins are published on GitHub. In-store, merchants can rent Fiuu's Android terminal for MYR 540 a year plus a MYR 200 installation fee, or use the Fiuu Virtual Terminal app. The app takes Tap to Pay on iPhone, which Fiuu launched in Malaysia on 22 April 2026 (on an iPhone 11 or later), and Tap to Pay on Android, and it can run up to 1,000 sub-accounts. Payment links can be sent from the dashboard or the app.

Under the Malaysian terms, the merchant must display Fiuu's brand on its website. Card charges appear on the customer's statement as "Fiuu" or another description, not the merchant's trading name. Merchants should tell customers to expect this. An unfamiliar descriptor is a common source of chargebacks.

Settlement and payouts

The Booster appendix sets the settlement schedule by channel. Card scheme payments, DuitNow online banking and wallet payments, DuitNow QR, BNPL, foreign e-wallets and Fiuu Cash settle weekly, every Thursday, or on the next business day if Thursday is a holiday. Payments the appendix classes as domestic e-wallet payments settle on a T+2 cycle. The minimum settlement is MYR 100, and smaller amounts roll forward to the next settlement date (clause 5.3). There is no settlement charge, but telegraphic-transfer charges are borne by the merchant, and settlement is in MYR. The appendix lists the reserve or security deposit as not applicable for Booster merchants. The terms still let Fiuu take a deposit, adjust it, and hold part or all of a settlement against expected refunds, chargebacks or disputes (clauses 5.6 and 7.1). Where Fiuu considers a chargeback possible, it may retain the amount from any settlement for up to six months (8.10). The card schedule (Schedule 3, clause 2.7) lets Fiuu or its payment partner keep suspended payments, without interest, until satisfied they can no longer be charged back. Fiuu can also suspend a merchant and withhold settlement when fees or chargebacks remain unpaid two weeks after they fall due (6.5).

Contract, refunds and disputes

The Fiuu Booster terms for Malaysia were last updated on 17 March 2025. They are a contract with Razer Merchant Services Sdn Bhd, governed by Malaysian law, with disputes heard in Malaysian courts. The agreement runs for 12 months and renews automatically for further 12-month terms (clause 15.1). Fiuu may end it without cause on at least 30 days' written notice (15.4), or at once if the merchant breaches it (15.2.1). In the version we read, the merchant's only express exit is a 14-day notice when Fiuu has been unable to perform for a prolonged force majeure event (15.3.1). A merchant can also object in writing to an amendment within 14 days of notice (22.2), though the terms do not say what follows. On termination, money owed either way is due within 30 days, but for merchants whose security deposit was waived, money Fiuu owes is paid only six months after termination (15.5). A deposit is likewise returned six months after termination, without interest (15.2.4). Fiuu's total liability is capped at the transaction fees paid in the six months before a claim (14.2).

On disputes, the terms say Fiuu is not responsible when a customer disputes a transaction and has no obligation to investigate it. The merchant must try to resolve a dispute within 14 days, and Fiuu may hold back the disputed amount (clause 8.4). Each chargeback costs MYR 50. For e-wallet payments, the appendix says a merchant can request a refund only within four business days of the transaction, and only back to the original wallet.

Licensing and security

In Malaysia, Fiuu operates as a BNM-registered non-bank merchant acquirer and as a participant in PayNet's FPX service. Fiuu says it holds PCI DSS Service Provider Level 1 compliance and ISO 27001:2022 certification, and it links both certificates from its about page. Its Singapore company, Razer Merchant Services (SG) Pte. Ltd., is described by business directories as holding a Major Payment Institution licence from the Monetary Authority of Singapore. We could not confirm that on MAS's own register, so it is not relied on here.

Reputation and complaints

Fiuu has won several industry awards, by its own account, including a 2025 Malaysia Book of Records entry for the largest payment gateway transactions and PayNet's Best Non-Bank FPX Acquirer award at the 2022 MEEA Awards. Independent merchant feedback is thin. Its Trustpilot page for fiuu.com is unclaimed, and on 13 November 2026 it showed a TrustScore of 2.6 from just four reviews, all one-star. Those reviews come from shoppers rather than merchants. They describe slow refunds, a rejected foreign card, a duplicate charge and an undelivered order. Several of these are problems with the merchant the shopper bought from, which carries Fiuu's name on the card statement. Four reviews are too few to judge Fiuu as a merchant service. We found no lawsuits or regulatory enforcement actions naming Fiuu, Razer Merchant Services or MOLPay.

Support

Fiuu lists phone lines in Malaysia and Singapore and separate email desks for technical support, transaction and refund queries, sales and abuse reports. Its published hours are Monday to Friday, 9am to 6pm. The terminal page promises hardware-fault support across Malaysia. We found no published weekend or 24-hour support.

Who Fiuu suits

Fiuu suits Malaysian businesses that sell online, in-store or both and want local payment methods under one contract and one dashboard: FPX, DuitNow QR, the big e-wallets, MyDebit, BNPL and cash at 7-Eleven. The published rate card makes costs easy to model before signing. It suits less well a business that depends on fast access to card money, since cards settle once a week. It also suits less well a business that wants a month-to-month arrangement, or one that sells in a restricted category such as gambling, crypto, tobacco, alcohol or online games with in-game purchases. Before signing, ask Fiuu to confirm in writing whether the rates include SST and how the merchant can end the agreement.