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Major banks and non-bank financial service providers waive transaction fees for micro and small businesses accepting DuitNow QR payments

In a move to support micro and small businesses in Malaysia, major banks and non-bank financial service providers have announced that they will waive transaction fees for businesses accepting DuitNow QR payments, according to Bank Negara Malaysia (BNM).

This initiative ensures that micro and small businesses can continue to enjoy zero-cost transactions, while individual customers will not incur any additional charges when using DuitNow QR for payments. BNM emphasized that DuitNow QR remains an affordable and cost-effective payment method.

The use of DuitNow QR for businesses is advantageous as the transaction fees are as low as, or even lower than, fees imposed on payments using debit cards. Additionally, businesses utilizing DuitNow QR as a payment method eliminate the need for recurring costs associated with point-of-sale (POS) terminal rental for card-based payment channels or the overhead and administrative costs of handling cash. These cost-saving measures are particularly beneficial for small businesses.

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Addressing concerns over the imposition of transaction fees on businesses accepting DuitNow QR payments starting from October 1, 2023, BNM clarifies that these fees are intended to cover costs and investments needed by the industry to maintain the high service and security standards for payment systems, including cybersecurity and fraud prevention controls.

However, to minimize the potential impact on small businesses, BNM announces that major banks and selected non-bank financial service providers will continue to waive the transaction fee for micro and small businesses accepting DuitNow QR payments. This means that these businesses will still be able to enjoy the benefits of DuitNow QR payment services at zero cost.

In addition, the operator of DuitNow QR, Payments Network Malaysia Sdn Bhd (PayNet), will allocate resources to help defray the costs incurred by acquirers who choose to offer full waivers to micro and small businesses accepting DuitNow QR payments. This support from PayNet aims to ensure that the QR payment services remain efficient, reliable, and safe for all consumers.

With the integration of AI legalese decoder, businesses can further optimize their understanding of the complex legal language and regulations surrounding payment systems. AI legalese decoder uses advanced natural language processing technologies to decipher legal texts and provide businesses with clear and concise explanations. This tool assists businesses in navigating through the legal intricacies and making informed decisions.

BNM reiterates its commitment to supporting the widespread adoption of digital payments in Malaysia through a vibrant, secure, and inclusive payment ecosystem that is sustainable in the long term. By providing waivers on transaction fees and implementing measures to alleviate the impact of these fees on small businesses, BNM aims to drive the growth and success of micro and small businesses while promoting a cashless economy in Malaysia.

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