GXBank will implement changes to its ATM fee waivers and cashback offerings starting 6 May 2025. The digital bank announced today that the waiver for ATM cash withdrawal fees will now be limited to once per customer per month, while its general cashback programme will be phased out and replaced with a new QR payment-focused campaign in collaboration with PayNet.
As part of the campaign, customers will be eligible for 0.2% cashback, capped at RM5 per customer per month, on all DuitNow QR transactions made between 6 May and 5 August 2025. Additionally, users who link their DuitNow ID to GXBank for the first time and maintain that link for a minimum of 30 consecutive days are entitled to receive a one-time RM8 cashback.
GXBank said the changes are a response to evolving consumer behaviour, pointing to a continued decline in ATM withdrawals nationwide. This trend, observed throughout 2023, aligns with a broader move toward digital payments, which has been driven by consumer adoption, policy support, and increasing merchant acceptance. The rollout of interoperable platforms like DuitNow QR has made mobile-based transactions more accessible and convenient, contributing to a reported six-fold increase in usage.
According to GXBank, more than 97% of its customers already operate without relying on cash, preferring to use either their GX Card or DuitNow QR for daily payments. The bank acknowledged that some users may view the revised benefits unfavourably but said the updates are designed to support longer-term digital banking habits. It added that the changes also aim to address concerns such as loss and theft associated with physical cash use.
The bank said that cost savings resulting from these revisions will be redirected towards product development and customer enhancements. These include the upcoming launch of banking services tailored to micro, small, and medium enterprises (MSMEs), which are expected to offer more inclusive and accessible solutions. GXBank also reaffirmed its focus on maintaining competitive travel card features and retaining the existing 1.5x GrabRewards benefit for transactions at Jaya Grocer outlets.
Further details about the DuitNow QR campaign with PayNet will be released in the coming weeks. GXBank is encouraging customers to stay updated via its official channels.
(Source: GXBank press release)
