Clarify DuitNow transaction fee issue, business group tells PayNet

 

The Malaysia Consumers Movement says charging traders a transaction fee will be a regressive move when Putrajaya is going all-out to promote digitalisation. (Bernama pic)

PETALING JAYA: A business group has urged Payments Network Malaysia Sdn Bhd (PayNet) to clarify whether vendors will be charged a transaction fee for payments received via the DuitNow QR code platform from Nov 1.

The Small and Medium Enterprises Association (Samenta) said it had been working hard to encourage SMEs to digitise, but charging merchants such transaction fees would be detrimental to its efforts.

“PayNet should immediately clarify whether this information on charges to merchants on DuitNow is true,” Samenta chairman William Ng told FMT.

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Yesterday, it was reported that transaction fees will be imposed on merchants who receive payments via DuitNow from Nov 1. Currently, there is a 50 sen fee for any DuitNow transaction exceeding RM5,000.

According to a screenshot posted on X (formerly Twitter), the RHB Reflex platform had informed a user that the fee would be a minimum of RM0.01 per transaction. The fee will purportedly be 0.25% of the transaction value if the payment is made from a current or savings account, and 0.5% by credit card.

FMT has reached out to Bank Negara Malaysia (BNM) and PayNet for comment.

Meanwhile, the Malaysia Consumers Movement (MCM) said the transaction fee, if implemented, would be a regressive move when Putrajaya is going all-out to promote digitalisation.

MCM deputy president Beninder Singh said banks must play their part and complement the government’s efforts in digitalisation since the financial institutions already make millions in non-interest revenue and absorb these fees.

“BNM must intervene to ensure that banks do not impose such charges without necessary regulatory approval,” he said. - FMT