Editor’s Note: In a media statement last night (Sept 29), Bank Negara Malaysia (BNM) has announced that major banks and non-bank financial service providers will waive transaction fees for micro and small businesses accepting DuitNow QR payments.
At the same time, the central bank said individual customers will not incur new costs in their Duitnow QR transactions. Earlier yesterday (Sept 29), Prime Minister Datuk Seri Anwar Ibrahim said that the transaction fee imposed on vendors through the DuitNow QR application starting on Nov 1 will have no effect on the low-income group.
Below is BNM’s statement in full.
BANK Negara Malaysia (BNM) would like to address concerns over the imposition of a transaction fee1 by some acquirers (banks or non-bank financial service providers) on businesses that accept DuitNow QR payments from Oct 1 following the end of a temporary fee waiver introduced in 2019.
The transaction fee is intended to cover costs and investments needed by the industry to upkeep their payment systems – including cybersecurity and fraud prevention controls – in order to maintain the high service and security standards for payment services.
DuitNow QR remains an affordable and cost-effective payment method. For individual customers, the usage of DuitNow QR to make payments will not attract any additional charges.
For businesses, any transaction fee imposed on QR payments remains as low as or lower than fees imposed on payments using debit cards.
Businesses using DuitNow QR as a payment method also do not need to incur recurring costs for POS terminal rental for card-based payment channels or additional overhead and administrative costs for handling cash payments.
The industry will take measures to minimise the potential impact of transaction fees on small businesses as follows:
- Major banks and selected non-bank financial service providers who manage 75% of businesses currently accepting DuitNow QR payments have announced that they will continue to waive the transaction fee for micro and small businesses accepting DuitNow QR payments.
- In addition, Payments Network Malaysia Sdn Bhd (PayNet), the operator of DuitNow QR, will allocate resources to help defray the costs incurred by acquirers that continue to offer full waivers to micro and small businesses accepting DuitNow QR payments.
Together, these measures will enable micro and small businesses to continue to enjoy DuitNow QR payment services at zero cost while ensuring that QR payment services remain efficient, reliable and safe for all consumers.
BNM remains fully committed to supporting the widespread adoption of digital payments in Malaysia through a vibrant, secure and inclusive payment ecosystem that is also sustainable over the long term. – Sept 30, 2023