KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) has cleared the air about the imposition of a DuitNow QR transaction fee on payments and transfers made with credit cards from Nov 1, 2023.
In a statement today, the operator of DuitNow QR confirmed that vendors will be charged a transaction fee for payments received via the DuitNow QR code platform but there were several confusions that should be clarified.
The operator was responding to media reports on a local banking institution notifying their customers of the impending imposition of transaction fees for DuitNow QR payments and transfers made with credit cards from Nov 1, 2023, and a few banks who were purportedly unaware of this matter."Currently, debit and credit card payments are subject to MDR while there is an MDR waiver for QR payments. Starting Oct 1, the MDR waiver for DuitNow QR payments will be lifted, it said.
The MDR waiver ends on Oct 1, 2023 but the waiver should have ended over nine months ago, said PayNet, adding that a reserve fund would be established with the MDR collected by PayNet to incentivise acquirers not to charge smaller businesses. On the 50 sen charges, PayNet clarified that it was inaccurate to state the fee applies to payments made to merchants and also inaccurate to state that MDRs are charged for funds transfers using personal QRs.CREDIT, DEBIT CARD PURCHASES ALREADY SUBJECT TO MDR
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