PAYMENTS Network Malaysia Sdn Bhd (PayNet) has clarified its imposition of a fee on DuitNow QR credit card transactions from October 1.

In a statement today, PayNet confirmed vendors would be charged a fee for payments received via DuitNow QR, but clarified several aspects.

“The concerns raised on the impact of fees imposed on merchants … are understandable. However, two different types of e-payment have been described by the media as the same, namely, the merchant discount rate (MDR) and the 50 sen fee for transactions exceeding RM5,000,” it said.

The operator was responding to reports of a local bank notifying its customers of a fee on DuitNow QR credit card transactions from October 1.

PayNet said merchants would receive payments from customers after MDR deductions.

“Currently, debit and credit card payments are subject to MDR while there is an MDR waiver for QR payments. Starting October 1, the MDR waiver for DuitNow QR payments will be lifted,” it said.

The 50 sen fee for transactions above RM5,000 was for peer-to-peer fund transfers, PayNet said, adding that this was unrelated to merchant QR transactions.

“Under no circumstances would both fees be imposed for the same transaction,” PayNet said.

It also said collections from the MDR would be shared between PayNet and the bank or third-party acquirer to cover the upkeep of the network, as well as costs incurred by banks and third-party acquirers for onboarding merchants.

“To incentivise adoption during the QR payment introductory period in 2019, the MDR was waived, and this waiver was further extended due to the outbreak of Covid-19. It is neither a new nor an additional fee,” it said.

Paynet said a reserve fund would be established with collections from the MDR to incentivise acquirers not to charge smaller businesses an MDR.

“While PayNet is not in a position to dictate what the market charges merchants, several banks and third-party acquirers intend to either continue to defer imposing the MDR or absorb it for smaller businesses.

“In this regard, merchants should check with their bank or third-party acquirer to confirm this matter,” it said.

PayNet also clarified that debit and credit card transactions are already subject to the MDR, and products and services purchased with debit or credit cards were priced the same as those purchasable with cash.

“We do not foresee that the prices of goods and services will be affected by (transactions) using DuitNow QR after the MDR is (lifted),” it said.

PayNet said any discussion or dialogue on the matter should be based on accurate and fully informed understanding of the facts and how the digital payment industry operates. – Bernama, September 28, 2023.