KUALA LUMPUR: On 26 September 2023, several online and mainstream media covered a story on a local banking institution notifying its customers on the ...
: On 26 September 2023, several online and mainstream media covered a story on a local banking institution notifying its customers on the impending imposition of transaction fees for DuitNow QR payments and transfers made with credit cards effective 1 November 2023. The story also cited a few banks who were purportedly unaware of this matter.
A merchant would receive the payment made by their customers after deducting the MDR. At present debit and credit card payments incur MDRs whereas there is MDR waiver on QR payments. From 1 October 2023, this MDR waiver for DuitNow QR payments will be uplifted.On the other hand, the RM0.50 fee for transactions above RM5,000 mentioned in the story is for peer-to-peer fund transfers from a personal QR to another personal QR, not payments to merchants.
To incentivize adoption during the QR payment introductory period in 2019, MDR was waived. This waiver was further extended due the outbreak of COVID-19. It is neither a new nor an additional fee. Instead, 1 October 2023 is the end of the MDR waiver that was supposed to have been done over 9-months ago.
To concerns that MDRs will be passed on to consumers, PayNet wishes to clarify purchases using credit and debit cards are already subject to MDR. Products and services purchased with credit or debit cards are priced the same as cash purchases. Likewise, we do not foresee prices of goods and services to be affected by purchases using DuitNow QR after MDR is imposed.
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