DuitNow QR operator confirms transaction charge from Nov 1

28 Sep 2023 01:49pm
Photo for illustrative purposes - FILE PIX
Photo for illustrative purposes - FILE PIX

SHAH ALAM - Payments Network Malaysia Sdn Bhd (PayNet), the operator for DuitNow QR has confirmed that a transaction charge would be effective for all users of the application starting Nov 1.

PayNet in a statement said the DuitNow QR application introduced in 2019 had operators not charging the merchant discount rate (MDR).

“The exception of the payment was continued following the Covid-19 pandemic and it is not a new payment nor is it an addition, but rather the termination of the MDR which should have been implemented nine months prior,” the statement said on Thursday.

On Tuesday it was reported that the transaction charges would be effective in all banks starting Nov 1 and the total payment amount that would be charged to merchant accounts when receiving payments through DuitNow would vary based on transfer methods.

PayNet stated the e-payment made through the application to any merchant would not affect prices and services.

The company explained merchants would receive payments made by their customers after the MDR is deducted, currently credit and debit card payments were charged MDR while there were waivers for MDR on QR payments.

As for the issue of a RM0.50 for transactions exceeding RM5,000, PayNet stated that the fee is charged for peer-to-peer fund transfers.

“This was in no way related to the first QR payment mentioned to the merchant and in any case the two fees would not be charged for the same transaction,” the statement said.

PayNet also informed that reserve funds would be made through the MDR collected, to give an incentive for acquirers to not charge MDR for small traders.

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“Even though PayNet was not able to set the market prices charged to merchants, several banks and third-party acquirers intend to continue delaying the MDR implementation or absorb it for smaller businesses.

“In this case, merchants should check with their bank or third-party acquirer to confirm this,” the statement said.

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