Malaysians are embracing e-payments as part of their day-to-day transactions. According to Bank Negara Malaysia (BNM), Malaysians made more e-payment transactions (QR and/or cashless) in 2022 when compared to 2021.
In total, 9.5 billion e-payment transactions were made in 2022, an increase of about 25% when compared with transactions made in 2021 (7.2 billion). According to the Assistant Governor of BNM, Abd. Rahman bin Abu Bakar, on average Malaysians made 291 e-payment transactions last year (2022).
He also shared that 100,000 new QR registrations were made last year, with an overall QR registration standing at 1.7 million as of the first quarter of 2023. BNM is hoping that the growth of registration will help to push more traders to adopt e-payments as part of their businesses.
In regard to the DuitNow QR transaction fee, the Assistant Governor said that the industry has taken the appropriate steps to reduce the effect on businesses, regardless of size. He assures that BNM is working with all stakeholders to ensure the convenience of e-payment can be enjoyed by everyone, wherever they are.
BNM announced that DuitNow QR transaction fees will be waived for micro and small businesses. There will also be no new costs for individual customers as well. While medium and large businesses will need to pay the fees, there is a Merchant Discount Rate (MDR) for accepting DuitNow QR payments.
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