Fee for QR code payments: Lawmaker wants BNM intervention

Johor backbencher Chew Chong Sin has urged Bank Neara Malaysia (BNM) to intervene in Public Bank's decision to charge merchants for QR code payments.

In a statement, the Mengkibol assemblyperson said the decision does not bode well for the country's digitalisation ambitions and adds to the cost of business.

According to Public Bank’s announcement on Sept 14, merchants who use QR payments will be charged between 0.25 percent and 0.5 percent of the transaction amount.

"Allowing Public Bank to implement these charges could encourage other commercial banks to follow suit and impose fees on merchants for QR code payments," said Chew.

He urged BNM to look to China which has directed all commercial banks to waive or reduce transaction and handling fees to help businesses.

"BNM should play a proactive role and lead commercial banks in assisting merchants by waiving or reducing bank transaction and handling fees, especially during difficult times when the national financial budget may not provide significant subsidies to small and medium-sized enterprises.

"This would help ease the burden of operating costs, especially in digital payments, rather than exacerbating them," he said.

Chew said he has written to BNM with the above feedback and has sent copies to the finance minister and prime minister. - Mkini