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Wee lauds ‘noise and protest’ as PayNet clarifies MDR waiver ends on Oct 1 | Scoop
PayNet has explained that the MDR was waived during the QR payment introductory period in 2019 to incentivise its adoption, and that the waiver was further extended due to the Covid-19 pandemic. – Scoop pic, September 28, 2023
News

Wee lauds ‘noise and protest’ as PayNet clarifies MDR waiver ends on Oct 1

The former transport minister says the waiver is aligned with the government's digitalisation efforts

Main Author Image
Qistina Nadia Dzulqarnain
Updated
4:03 PM MYT

 

KUALA LUMPUR – MCA President Datuk Seri Wee Ka Siong has urged stakeholders to apply pressure on Payments Network Malaysia Sdn Bhd (PayNet) to continue waiving the merchant discount rate (MDR) for traders who use the DuitNow QR code payment platform.

In a Facebook post, Wee said that “noise and protest” from certain quarters had contributed to PayNet’s decision to continue the waiver until November 1.

“If the media, elected representatives, and merchants didn’t make noise and protest yesterday, I am confident that the MDR fee for merchants would have been imposed starting November 1 without any due consideration on the part of the banks.

“Certainly, PayNet or the banks will grant MDR waivers to merchants for DuitNow QR payments under pressure from stakeholders. We must continue to apply pressure until this waiver is permanent.”

Noting that the waiver is aligned with the government’s digitalisation efforts, former transport minister Wee added that banks will also benefit from the reduction in cash handling costs if merchants opt for the DuitNow QR payment method over cash.

However, checks by Scoop on PayNet’s press release on the matter showed that the MDR waiver will be lifted on October 1, not November 1.

Following conflicting information in its Bahasa Malaysia and English statements, a source from PayNet clarified with Scoop that the MDR waiver will be lifted on October 1.

PayNet also recommended for merchants to consult their banks or third-party acquirers to confirm whether or not they will be impacted by the waiver-lifting, as several banks and third-party acquirers intend to either continue to defer imposing MDR or absorb it for smaller businesses.

Separately, PayNet explained that the MDR was waived during the QR payment introductory period in 2019 to incentivise adoption of the payment method. PayNet said that the waiver was further extended due to the Covid-19 pandemic.

“It is neither a new nor an additional fee. Instead, October 1 is the end of the MDR waiver that was supposed to have been done nine months ago.”

Meanwhile, Wee also pointed to a recent announcement by CIMB Bank, in which the company said that it will be retaining its zero transaction fees policy for merchants who use the DuitNow QR payment method at their premises.

“Please be informed that the CIMB Static QR – 0% Promotional Rate will remain valid until December 31,” read the announcement, which was posted on the bank’s website on September 27.

According to a screenshot posted by a Twitter user on the social media site, the RHB Reflex platform had also sent out an email informing its users that the MDR fee would be automatically deducted from users’ current or savings account on the fifth day of each subsequent month.

The email stated that starting from November 1, merchants have to pay 0.25% of the DuitNow QR transaction value, with the fee increasing to 0.5% if the transaction is performed using a credit card. – September 28, 2023

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