PayNet has recently released an official statement concerning the DuitNow QR (DNQR) transaction fees to merchants which made headlines earlier this week. To quickly recap, it was reported that traders will be charged certain percentages for receiving payments via the service later this year.
In its announcement, PayNet explained that the fees – dubbed as the merchant discount rate (MDR) – have existed since DuitNow’s introduction back in 2019, but was waived due to the COVID-19 outbreak. It also noted that the charges will actually come into effect starting 1 October 2023 and not the previously reported date of November. The press statement further revealed that the collected MDR will be shared between PayNet and the relevant bank or third-party acquirer with the purpose to cover its network’s upkeep as well as costs incurred by the latter for onboarding merchants to utilise its DNQR service.
Speaking of banks, so far Public Bank and Maybank have separately announced that they will waive the DNQR fees to merchants until further notice, while CIMB clarifies that its Static QR 0% Promotional Rate will remain valid until 31 December 2023. Apart from the email screenshot provided by X (formerly Twitter) user helioz666, RHB has yet to release a public statement regarding the matter. Other participating banks have yet to provide their respective announcements as well.
In regards to whether the upcoming implementation of DuitNow QR transaction fees to merchants will affect consumers, PayNet assures that this will not be the case. Much like purchases through credit and debit cards which are already subjected to MDR prior to this, the company is confident that both goods and services bought through its DNQR service will be priced the same as cash purchases.
(Source: PayNet [press statement] / Public Bank / Maybank / CIMB)
