PayNet Issues Statement On DuitNow QR Transaction Fee

PayNet Issues Statement On DuitNow QR Transaction Fee

Payments Network Sdn Bhd (PayNet), the operator of DuitNow QR, has now released an official statement to address the concerns about transaction fees for merchants who use QR payments.

PayNet confirmed that vendors will be charged a transaction fee for payments received via the DuitNow QR platform, but that there were several “inaccuracies” that it wanted to clarify.

MDR fees waiver were set to end this year

One of the main concerns that PayNet addressed was how the two different e-payment types have been described as the same by media outlets: the merchant discount rate (MDR) and the 50 sen fee for transactions exceeding RM5,000.

“Currently, debit and credit card payments are subject to MDR, while there is an MDR waiver for QR payments. Starting Nov 1, the MDR waiver for DuitNow QR payments will be lifted,” the statement said.

It further said that the MDR was neither a new fee nor an additional charge, but was waived when the QR payments were introduced in 2019 as a way to incentivise merchants and was later extended due to the COVID-19 pandemic.

Transaction fee for personal QR transfers

As for the 50 sen fee, PayNet has clarified that it will be imposed for transactions exceeding RM5,000 for transfers between personal QR accounts, not payments to merchants.

“This has absolutely nothing to do with QR payments to the merchant, (as) in the paragraph above, and both fees will not be charged for the same transaction in any situation” referring to the incorrect reporting that the 50 sen fee will apply to merchants.

Furthermore, PayNet addressed concerns that the MDR costs will be passed on to consumers, explaining that purchases using credit and debit cards are already subject to MDR.

“Products and services purchased with a credit or debit card are at a price that equal to a cash purchase. Therefore, we expect similarly that there is no expectation for the price of goods and services to be affected by purchases using DuitNow QR after MDR is applied,” PayNet said in its statement.

3 banks to not impose fees

In response to media reports, several banks have issued statements to clear the air.

Maybank issued an announcement to confirm that they have not implemented any fees in relation to DuitNow QR and assured that all merchants can continue to accept payments via DuitNow with no charge,

Similarly, Public Bank had also announced that merchants accepting payments using the bank’s DuitNow QR service will have their fees waived from October 1 until any further notice.

Meanwhile, CIMB has also released an announcement that it is maintaining its zero transaction fees policy for merchant’s using the bank’s DuitNow QR payment system until the end of 2023.

Read more: Touch ‘n Go eWallet Upgrades Online Banking Reload Function To DuitNow Transfer

Get even more financial clarity with an iMoney account for FREE

We’ve tailored insightful tidbits just for you.

Continue with email

By signing up, I agree to iMoney’s
Terms & Conditions and Privacy Policy

Get free weekly money tips!

*Free of charge. Unsubscribe anytime.
newsletter image