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HomeMalaysia NewsMaybank Announces No Transaction Fees for DuitNow QR Payments, While PayNet Faces...

Maybank Announces No Transaction Fees for DuitNow QR Payments, While PayNet Faces Backlash Over MDR Changes: Report

Maybank has introduced a new policy waiving transaction fees for DuitNow QR payments. Meanwhile, PayNet is encountering criticism for its modified Merchant Discount Rate (MDR) regulations. This move by Maybank aims to promote digital payments, making them more accessible to customers. However, PayNet’s MDR adjustments have sparked controversy within the payment industry.

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Maybank has confirmed that it will not impose transaction fees on vendors accepting payments via the DuitNow QR code platform for the foreseeable future. This decision will remain in effect until further notice, as stated in their recent announcement. Maybank assured merchants that they can continue to accept DuitNow QR payments without any charges, emphasizing that any changes to this policy will be communicated in advance.

Payments Network Malaysia Sdn Bhd (PayNet), the operator of DuitNow QR, initially exempted QR payments from a merchant discount rate (MDR), while credit and debit card payments were subject to MDR. However, PayNet recently faced criticism when it announced the withdrawal of the MDR waiver for DuitNow QR payments starting from November 1.

This waiver was originally introduced as an incentive during the QR payment introduction period in 2019 and was extended due to the COVID-19 pandemic.
PayNet clarified that the MDR was not a new fee or an additional charge, and it argued that MDR costs were already applicable to credit and debit card purchases.

In response to these developments, Public Bank has also declared an indefinite waiver of the DuitNow QR charge, while CIMB has committed to waiving the charge until the end of the year.