STANDARD Chartered Malaysia is the latest financial institution to maintain its waiver on Merchant Discount Rate (MDR) charges for merchants who accept payments via DuitNow QR.

The bank said in a statement it would put on hold any new charges by Payments Network Malaysia Sdn Bhd (PayNet), which operates DuitNow QR, until further notice. 

“The bank reassures its merchants that any changes relating to the MDR will be communicated in a timely manner.

“With this, the bank is confident its clients will continue to pursue and adopt digital payment solutions such as DuitNow QR. 

“Standard Chartered remains committed to its merchants, partners and clients in driving the digitalisation agenda and supports the shift towards a cashless society while providing cost effective solutions,” it said in a statement today.

Previously Maybank, Public Bank and CIMB had announced a waiver of the MDR for vendors accepting payments via the DuitNow QR code platform.

CIMB has decided to postpone the MDR until the end of the year, while Public Bank and Maybank will maintain the waiver until further notice.

Previously Paynet had said vendors would be charged a transaction fee for payments received via the DuitNow QR code platform from November 1 as it was putting an end to the waiver that had been in place since 2019.

It said there were charges for two different e-payment types – the MDR and the 50 sen fee for transactions exceeding RM5,000 for peer-to-peer fund transfers between personal QR codes, not payments to merchants.

This had prompted an outcry from various quarters, stating that the introduction of the transaction fees would impact small traders.

Meanwhile TNG Digital Sdn Bhd (TNGD) – the operators of the Touch ’n Go payment platform – said it would maintain its current fees and charges for all merchants accepting payments DuitNow QR until further notice.

In a statement, TNGD said a reasonable merchant fee was needed to cover costs and investments needed by the industry to upkeep their payment systems, which include cybersecurity and fraud prevention controls in the long run.

However, it confirmed that no additional fees will be implemented for its merchants at the moment.

“This very much aligns with our commitment as the leading digital wallet provider in Malaysia, in providing convenience through our payment services to small and medium-sized businesses across physical and online infrastructure, all within a safe and secure environment,” said TNGD chief executive officer Alan Ni. – October 4, 2023.