[ UPDATE 29/09/2023 23:30 ] BNM announced that the DuitNow QR transaction fee will be waived for micro and small businesses.
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Prime Minister Anwar Ibrahim said that the DuitNow QR (DNQR) merchant transaction fees will not burden low and mid-income users. The assurance came after he received clarification regarding the matter from the Governor of Bank Negara Malaysia (BNM), Abdul Rasheed Abdul Ghaffour.
Anwar said that the transaction fees will not be imposed on the “lower group” although he didn’t clarify whether he meant users or businesses. Interestingly enough, the Prime Minister has also said that the decision to lift the waiver on the transaction fee was made by BNM.
“Bank Negara has its duties, so let it carry out (those) duties. Right now, what is important that (the transaction fees) will not burden the low and mid-income groups,” – Anwar Ibrahim
Earlier this week, PayNet confirmed that merchants will incur transaction fees for every DuitNow QR payment that they receive starting 1 October 2023. However, the national payment network operator did say that banks and acquirers can absorb the fees for smaller businesses or waive the fees altogether.
Furthermore, a portion of the DuitNow QR transaction fees will be used to establish a reserve fund that will be used to incentivise acquirers, so that they will not charge the smaller businesses. The fees are also being used to help maintain the network and to cover other related costs that were borne by banks and acquirers to enable DuitNow QR to businesses, says PayNet.
Meanwhile, three major local banks have decided to waive the DuitNow QR merchant transaction fees as per current policy. Maybank and Public Bank said that the zero transaction fees will remain until further notice but for CIMB, this will only last until 31 December 2023.
