Prime Minister Anwar said the decision to lift the waiver on the DuitNow QR merchant transaction fees was made by Bank Negara. The fees will be implemented on 1 Oct but certain banks have decided to retain their zero-fee policy for the time being.
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 duties.
Earlier this week, PayNet confirmed that merchants will incur transaction fees for every DuitNow QR payment that they receive. 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.
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