DuitNow service provider PayNet confirmed that transaction fees will be levied on merchants starting from November 1!
According to information from PayNet, transaction fees will be levied on merchants starting from November 1, 2023. However, banks can absorb this fee for small merchants. Small merchants are urged to ask their banks for details.
This means that when a merchant collects payment from a customer through DuitNow QR, the merchant will be charged a transaction fee, which will be 0.25% to 0.50%.
Notice! The above transaction fees only apply to merchants and will not affect paying customers. Customers will not be charged any fees when using DuitNow QR to pay merchants.
However, if an individual transfers more than RM5,000 to other individuals via DuitNow, a fee of RM0.50 will be levied. This transaction fee has always been implemented, but most domestic banks will absorb this fee on their own. Therefore, individual users are not aware of the existence of this fee.
Many people worry that once DuitNow QR transaction fees are implemented, merchants will be more inclined to use cash transactions.
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