QR-azy Relief: Banks Waive Merchant Discount Rate (MDR) For DuitNow Payments
Vendors need to stay updated on any changes in transaction fees imposed by PayNet in the future.
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To support businesses and encourage the adoption of digital payments, Public Bank, CIMB and Maybank have announced a waiver of the merchant discount rate (MDR) for vendors accepting payments through the DuitNow QR code platform.
This decision is a relief for vendors who utilize the DuitNow QR code platform, as it eliminates the transaction fees typically associated with such payments.
CIMB has decided to postpone the implementation of the MDR until the end of the year, while Public Bank and Maybank will maintain the waiver until further notice.
This means that vendors will not be charged the MDR for accepting payments through the DuitNow QR code platform during this period.
The waiver applies to various payment acceptance categories, including Current and Savings Accounts, e-wallets, and certain fees under Public Bank’s Enterprise Plan.
However, credit card transactions under the Enterprise Plan will still incur a charge of 0.25%.
The DuitNow QR service, established by Payments Network Malaysia Sdn Bhd (PayNet) under Bank Negara’s Interoperable Credit Transfer Framework (ICTF), enables seamless transfers between banks and non-bank entities by scanning QR codes.
It has gained popularity among businesses and consumers due to its convenience and ease of use.
PayNet to Impose Transaction Fees for DuitNow QR Payments Starting 1 November
It’s important to note that PayNet, the operator of the DuitNow QR service, recently confirmed that starting from 1 November, vendors will be charged a transaction fee for payments received via the DuitNow QR code platform.
This fee includes the MDR and a 50 sen fee for transactions exceeding RM5,000 for peer-to-peer fund transfers between personal QR codes, excluding payments to merchants.
Debit and credit card payments are subject to MDR, but there is a waiver for QR payments.
However, this MDR waiver for DuitNow QR payments will be lifted starting 1 November.
A Victory For The People
The decision to waive or impose transaction fees for DuitNow QR payments has received attention and feedback from the public.
MCA president Datuk Seri Dr Wee Ka Siong praised the efforts of netizens in voicing their concerns.
Well done, my netizen friends. Our voices continue to achieve the desired effect to keep the fees from being pushed onto the public.
MCA president, Datuk Seri Dr Wee Ka Siong, commending the proactive actions taken by netizens, acknowledging their efforts and contributions.
Dr. Wee expressed uncertainty regarding whether other banks would follow the same path and delay the implementation of transaction fees.
He stated that the ultimate victory would be achieved when PayNet announced the elimination of service fees collected from merchants.
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