PayNet has confirmed that it will impose a transaction fee on vendors receiving payments through the DuitNow QR code platform starting from 1 November.
Currently, debit and credit card payments are subject to merchant discountr rate (MDR), while QR payments enjoy an MDR waiver.
However, as of 1 November, this waiver for DuitNow QR payments will be lifted. PayNet clarifies that the MDR is not a new fee or an additional charge; it was initially waived as an incentive to promote QR payment usage when introduced in 2019, according to FMT.
Regarding the 50 sen fee mentioned in news reports, PayNet clarifies that it pertains to peer-to-peer fund transfers and is unrelated to payments made to merchants.
PayNet emphasises that both the MDR and 50 sen fees will not be applied to the same transaction under any circumstances.
Addressing concerns that the MDR costs will be transferred to consumers, PayNet notes that purchases made with credit and debit cards already incur MDR, and the pricing for products and services purchased with cards remains the same as cash purchases.
Consequently, PayNet does not anticipate that the prices of goods and services will be affected by DuitNow QR payments following the imposition of the MDR.
According to MalaysiaNow, the RHB Reflex platform has informed a user that the fee will be at least RM0.01 per transaction, with the fee being 0.25% of the transaction value when paid from a current or savings account and 0.5% when paid by credit card.
CIMB, Public Bank, and Maybank will be waiving the fee
Malay Mail reports that Maybank has confirmed that it currently has no intentions of imposing transaction fees on vendors who accept payments through the DuitNow QR code platform. In an announcement made yesterday, the bank stated that this policy will remain in effect until further notice.
The bank’s statement reads, “We wish to inform that Maybank has not implemented any fees in relation to DuitNow QR, and this will continue until further notice.
“Rest assured that all merchants may continue to accept DuitNow QR payments with no charge, as is the practice today. Any changes to this will be communicated ahead of time to the merchants”.
In addition to Maybank’s commitment, Public Bank recently announced its indefinite waiver of DuitNow QR charges, demonstrating ongoing support for merchants.
CIMB has also pledged to waive these charges until the end of the year, extending temporary relief to businesses.
