Banks To Start Charging Businesses Transaction Fees For QR Payments
Businesses that receive payments through the DuitNow QR code system will be charged a fee based on the transaction value.
According to a report from a local news daily, emails from RHB Reflex have stated that businesses that receive payments through their DuitNow QR code will be charged a transaction fee of 0.25% of the transaction value.
The email also stated that the fee will be charged on the business’s account on every 5th of the month.
This statement is further corroborated by RHB’s Reflex FAQ page, which states the same.
Before this, no charge was levied upon any transaction using the DuitNow Qr Code system under RM5000. For transactions above RM5000, users will be hit with a charge of RM0.50 per transaction.
Fee not imposed on private sender and receiver
Malaysia Now also reported that the transaction fee charge has also been confirmed by Maybank’s Customer Service.
“The transaction fee will be charged for transactions between banks and apps that uses DuitNow as a payment method.
“But if DuitNow QR is used only between the receiver and the sender, no charges will be enforced,” said the Maybank’s customer service agent.
The move to start charging businesses with a transaction fee for accepting payments using DuitNow QR has already received some criticism, with Chew Chong Sin, Mengkibol’s Member of Parliament calling on Bank Negara Malaysia to step in and reverse the decision.
Meanwhile, Public Banks’s terms and conditions governing their DuitNow QR service does not rule out additional charges. The bank only states that customers will be given thirty days written notice ahead of any such charges being imposed.
The Johor backbencher said that if this decision is allowed to take effect, it will affect Malaysia’s digitalisation efforts.