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PayNet to provide financial aid for payment service providers over QR fee: Anwar | Scoop
Previously, PayNet had announced the waiver on the merchant discount rate (MDR) will be lifted on October 1, as it had been introduced to encourage the use of QR payments but was extended due to the Covid-19 pandemic. – Scoop pic, October 3, 2023
News

PayNet to provide financial aid for payment service providers over QR fee: Anwar

Major banks and e-wallet service providers will continue to waive transaction fees on SMEs

Scoop Reporters
Updated
6:55 PM MYT

 

KUALA LUMPUR – Payments Network Malaysia Sdn Bhd (PayNet) will allocate resources to assist payment service providers in covering costs incurred from DuitNow QR payments, according to Prime Minister Datuk Seri Anwar Ibrahim.

Anwar said the move by the national payment system company was targeted at non-bank payment providers that fully exempt transaction charges for small-to-medium enterprises (SMEs).

At the same time, Anwar also reaffirmed Bank Negara Malaysia’s (BNM) announcement that no fees will be incurred for SMEs.

“BNM has explained that major banks and e-wallet service providers accepting payments through DuitNow QR will continue to waive transaction fees on SMEs,” he said in a statement following the National Action Council on Cost of Living (Naccol) meeting today.

“PayNet will also allocate resources to help finance the costs incurred by payment service providers, especially non-bank providers who continue to offer full exemptions to SMEs.”

Last week, the prime minister clarified that the charges imposed on vendors for payments through DuitNow QR will not affect the lower-income group.

Previously, PayNet announced that the waiver on the merchant discount rate (MDR) will be lifted beginning October 1. 

Following this, major banks, including Maybank, CIMB, and Public Bank said they would continue to waive the MDR charges until the end of the year, or until further notice. 

Subsequently, PayNet clarified that the MDR is not a new fee.  

It explained that debit and credit card payments have always been subjected to MDR charges, but the prices of products and services purchased with the method remained the same as cash payments. 

PayNet added that it does not foresee the price of goods and services changing after the MDR implementation.  

The MDR waiver was introduced as an incentive to encourage the usage of QR payments during its inception in 2019. 

The waiver, which was supposed to end over nine months ago, was extended due to the Covid-19 pandemic. – October 3, 2023

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