In a recent announcement, Payments Network Malaysia Sdn Bhd (PayNet), the operator responsible for DuitNow QR, has confirmed that a transaction charge will be imposed on all users of the application, effective November 1. This development marks a significant shift in the payment landscape, as DuitNow QR had previously refrained from charging merchants the merchant discount rate (MDR) since its introduction in 2019.
The decision to introduce transaction charges, according to PayNet, was not driven by a desire for additional revenue. Instead, it was a long-awaited correction that should have been implemented nine months earlier. The COVID-19 pandemic has temporarily suspended the imposition of MDR, and this move signifies a return to the originally intended payment structure.
Starting November 1, transaction charges will apply across all banks, with the amount varying based on the chosen transfer method. Importantly, PayNet assures users that these charges will not affect the prices or services provided by merchants through the DuitNow QR application.
To clarify, merchants will receive payments from their customers after deducting the MDR. Previously, credit and debit card payments attracted MDR fees, while QR payments were exempt. Additionally, there's been some confusion regarding an RM0.50 fee for transactions exceeding RM5,000. PayNet explains that this fee pertains to peer-to-peer fund transfers and is distinct from the MDR applied to merchant transactions. In essence, both fees will not be levied on the same transaction.
Furthermore, PayNet intends to create reserve funds from the collected MDR, offering an incentive to acquirers not to impose MDR on small traders. While PayNet does not have the authority to set market prices charged to merchants, several banks and third-party acquirers have expressed their commitment to either delaying MDR implementation or absorbing it on behalf of smaller businesses. Merchants are encouraged to contact their respective banks or third-party acquirers to confirm the specific arrangements in place.
The introduction of transaction charges for DuitNow QR signifies a necessary adjustment that aligns with the application's original payment structure. Despite this change, users can expect a seamless experience while transacting with merchants, as these charges are designed to have no impact on prices or services. PayNet's commitment to supporting small traders through reserve funds demonstrates its dedication to fostering a dynamic and accessible payment ecosystem.
Reference: DuitNow QR operator confirms transaction charge from Nov 1 - Sinar Daily
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