BUSINESS

BNM: MICRO, SMALL BUSINESSES TO CONTINUE ENJOYING ZERO-COST TRANSACTIONS VIA DUITNOW QR PAYMENTS

29/09/2023 10:54 PM

KUALA LUMPUR, Sept 29 (Bernama) -- Major banks and non-bank financial service providers will waive transaction fees for micro and small businesses accepting DuitNow QR payments, says Bank Negara Malaysia (BNM).

The central bank said micro and small businesses will therefore continue to enjoy zero-cost transactions, while for individual customers, the usage of DuitNow QR to make payments will not attract any additional charges.

BNM emphasised that DuitNow QR remains an affordable and cost-effective payment method.

“For businesses, any transaction fee imposed on QR payments remains as low as, or lower than, fees imposed on payments using debit cards.

“Businesses using DuitNow QR as a payment method also do not need to incur recurring costs for point-of-sale (POS) terminal rental for card-based payment channels or additional overhead and administrative costs for handling cash payments,” it said in a statement on Friday night.

The statement was issued to address concerns over the imposition of a transaction fee by some acquirers on businesses that accept DuitNow QR payments from Oct 1, 2023, following the end of a temporary fee waiver introduced in 2019.

According to BNM, the transaction fee is intended to cover costs and investments needed by the industry to upkeep their payment systems, including cybersecurity and fraud prevention controls, in order to maintain the high service and security standards for payment services

Meanwhile, BNM said the industry will take measures to minimise the potential impact of transaction fees on small businesses.

It said major banks and selected non-bank financial service providers, which manage 75 per cent of businesses currently accepting DuitNow QR payments, have announced that they will continue to waive the transaction fee for micro and small businesses accepting DuitNow QR payments.

In addition, operator of DuitNow QR, Payments Network Malaysia Sdn Bhd (PayNet), will allocate resources to help defray the costs incurred by acquirers that continue to offer full waivers to micro and small businesses accepting DuitNow QR payments.

“Together, these measures will enable micro and small businesses to continue to enjoy DuitNow QR payment services at zero cost, while ensuring that QR payment services remain efficient, reliable, and safe for all consumers.

“BNM remains fully committed to supporting the widespread adoption of digital payments in Malaysia through a vibrant, secure, and inclusive payment ecosystem that is also sustainable over the long term,” it added.

--BERNAMA

 

 

 

 

 


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