Wee explains crusade against DuitNow QR transaction charges

02 Oct 2023 01:02pm
Photo for illustrative purposes (Smaller image, Wee Ka Siong) - FILE PIX
Photo for illustrative purposes (Smaller image, Wee Ka Siong) - FILE PIX

SHAH ALAM - MCA president Datuk Seri Dr Wee Ka Siong explained his actions in fighting for the abolishment of the DuitNow QR transaction charges was for the purpose of supporting the government's digitalisation policy.

Wee said it must be supported to ensure cashless transactions could be expanded and benefited all parties which were consumers, businesses, banks and the government.

He added that since cashless transactions were used through DuitNow QR, Bank Negara Malaysia (BNM) was not required to print new cash and shillings which brought some significant savings for BNM.

"Banks were benefiting from the reduced cost of preparing cash deposit machines, ATM costs for consumers to withdraw funds, cash security and handling costs," he said in a Facebook post on Sunday.

Wee was commenting on the issue of Payments Network Malaysia Sdn Bhd (PayNet) DuitNow QR operating company, which had released a statement on Sept 28, saying that transactional charges involving small businesses, would effective on Nov 1, 2023.

He said the decision would burden small businesses as the public was now affected by the rising cost of living.

However, Wee added that DuitNow QR was only a display placed on a wall or counter and did not require maintenance such as a credit card machine, this would also lower operational costs incurred by the bank.

"BNM represented the largest shareholder in PayNet along with 11 other local banks. Local banks whose profits increase significantly every year and did not need to rely on MDR charges to increase their respective banks' profits.

"Therefore, I request Prime Minister Datuk Seri Anwar Ibrahim to continue to bring good news when chairing the National Action Council on Cost of Living (NACCOL) Special Meeting on Tuesday.

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"The public's hopes on the matter are for it to be abolished permanently," he said.