PayNet officially confirmed that DuitNow QR transaction fees will be imposed on merchants very soon. However, banks and acquirers can waive the fees if they want to.
There is more to the matter than just a simple announcement. Through the same statement, PayNet has pointed out that provisions for transaction fees, technically known as merchant discount rate , on DNQR merchants have always been there since the platform was introduced back in 2019.
The company also said that the collected transaction fees are shared among PayNet, banks, and third-party acquirers to help maintain the network. The fees are also being used to cover the costs borne by banks and acquirers to provide the DNQR service to merchants. As for whether the cost of the DuitNow QR transaction fees will be passed to consumers, PayNet seems quite confident that this will not take place. The national payment network operator argues that credit and debit card transactions have already been subjected to transaction fees yet products and services are still priced the same.
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