{"id":58903,"date":"2023-09-29T15:51:32","date_gmt":"2023-09-29T07:51:32","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=58903"},"modified":"2023-09-29T15:51:32","modified_gmt":"2023-09-29T07:51:32","slug":"paynet-issues-statement-qr-fees","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees","title":{"rendered":"PayNet Issues Statement On DuitNow QR Transaction Fee"},"content":{"rendered":"

Payments Network Sdn Bhd (PayNet), the operator of DuitNow QR, has now released an official statement<\/a> to address the concerns about transaction fees for merchants who use QR payments<\/a>.<\/p>\n

PayNet confirmed that vendors will be charged a transaction fee for payments received via the DuitNow QR platform, but that there were several \u201cinaccuracies\u201d that it wanted to clarify.<\/p>\n

<\/span>MDR fees waiver were set to end this year<\/span><\/h2>\n

One of the main concerns that PayNet addressed was how the two different e-payment types have been described as the same by media outlets: the merchant discount rate (MDR) and the 50 sen fee for transactions exceeding RM5,000.<\/p>\n

\u201cCurrently, debit and credit card payments are subject to MDR, while there is an MDR waiver for QR payments. Starting Nov 1, the MDR waiver for DuitNow QR payments will be lifted,\u201d the statement said.<\/p>\n

It further said that the MDR was neither a new fee nor an additional charge, but was waived when the QR payments were introduced in 2019 as a way to incentivise merchants and was later extended due to the COVID-19 pandemic.<\/p>\n

<\/span>Transaction fee for personal QR transfers<\/span><\/h2>\n

As for the 50 sen fee, PayNet has clarified that it will be imposed for transactions exceeding RM5,000 for transfers between personal QR accounts, not payments to merchants.<\/p>\n

\u201cThis has absolutely nothing to do with QR payments to the merchant, (as) in the paragraph above, and both fees will not be charged for the same transaction in any situation\u201d referring to the incorrect reporting that the 50 sen fee will apply to merchants.<\/p>\n

Furthermore, PayNet addressed concerns that the MDR costs will be passed on to consumers, explaining that purchases using credit and debit cards are already subject to MDR.<\/p>\n

\u201cProducts and services purchased with a credit or debit card are at a price that equal to a cash purchase. Therefore, we expect similarly that there is no expectation for the price of goods and services to be affected by purchases using DuitNow QR after MDR is applied,\u201d PayNet said in its statement.<\/p>\n

<\/span>3 banks to not impose fees<\/span><\/h2>\n

In response to media reports, several banks have issued statements to clear the air.<\/p>\n

Maybank issued an announcement<\/a> to confirm that they have not implemented any fees in relation to DuitNow QR and assured that all merchants can continue to accept payments via DuitNow with no charge,<\/p>\n

Similarly, Public Bank had also announced<\/a> that merchants accepting payments using the bank’s DuitNow QR service will have their fees waived from October 1 until any further notice.<\/p>\n

Meanwhile, CIMB has also released an announcement<\/a> that it is maintaining its zero transaction fees policy for merchant’s using the bank’s DuitNow QR payment system until the end of 2023.<\/p>\n

Read more: Touch \u2018n Go eWallet Upgrades Online Banking Reload Function To DuitNow Transfer<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The operators of DuitNow released a statement that addresses the concerns on transaction fees.<\/p>\n","protected":false},"author":47,"featured_media":58904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216],"tags":[405,1566,1415,1564,1567,1565,1568],"class_list":["post-58903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","tag-duitnow","tag-merchants","tag-paynet","tag-qr","tag-qr-fee","tag-qr-payments","tag-transaction-fee"],"acf":[],"yoast_head":"\nPayNet Issues Statement On QR Transaction Fee<\/title>\n<meta name=\"description\" content=\"Concerns raised by merchants on the transaction fees for DuitNow QR transfers have been addressed by PayNet and several major banks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PayNet Issues Statement On DuitNow QR Transaction Fee\" \/>\n<meta property=\"og:description\" content=\"Concerns raised by merchants on the transaction fees for DuitNow QR transfers have been addressed by PayNet and several major banks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-29T07:51:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Azreen Azmi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Azreen Azmi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees\",\"url\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees\",\"name\":\"PayNet Issues Statement On QR Transaction Fee\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png\",\"datePublished\":\"2023-09-29T07:51:32+00:00\",\"dateModified\":\"2023-09-29T07:51:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/8c957dfb12fe1ffcc0e443b7cc382349\"},\"description\":\"Concerns raised by merchants on the transaction fees for DuitNow QR transfers have been addressed by PayNet and several major banks.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#primaryimage\",\"url\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png\",\"contentUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png\",\"width\":1200,\"height\":625},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Updates\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/news-updates\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"PayNet Issues Statement On DuitNow QR Transaction Fee\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/8c957dfb12fe1ffcc0e443b7cc382349\",\"name\":\"Azreen Azmi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8885892ba26a4b385de85e74cb4a5865?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8885892ba26a4b385de85e74cb4a5865?s=96&d=mm&r=g\",\"caption\":\"Azreen Azmi\"},\"description\":\"Azreen Azmi is a writer with a penchant for writing about content marketing and technology. From YouTube to Twitch, he tries to keep in touch with the latest in content creation and finding out the best way to market your brand.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/azreen-azmi\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PayNet Issues Statement On QR Transaction Fee","description":"Concerns raised by merchants on the transaction fees for DuitNow QR transfers have been addressed by PayNet and several major banks.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees","og_locale":"en_US","og_type":"article","og_title":"PayNet Issues Statement On DuitNow QR Transaction Fee","og_description":"Concerns raised by merchants on the transaction fees for DuitNow QR transfers have been addressed by PayNet and several major banks.","og_url":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees","og_site_name":"iMoney Malaysia","article_published_time":"2023-09-29T07:51:32+00:00","og_image":[{"width":1200,"height":625,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png","type":"image\/png"}],"author":"Azreen Azmi","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Azreen Azmi","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees","url":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees","name":"PayNet Issues Statement On QR Transaction Fee","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#primaryimage"},"thumbnailUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png","datePublished":"2023-09-29T07:51:32+00:00","dateModified":"2023-09-29T07:51:32+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/8c957dfb12fe1ffcc0e443b7cc382349"},"description":"Concerns raised by merchants on the transaction fees for DuitNow QR transfers have been addressed by PayNet and several major banks.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#primaryimage","url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png","contentUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/09\/29125829\/qrpayments.png","width":1200,"height":625},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/paynet-issues-statement-qr-fees#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"News Updates","item":"https:\/\/www.imoney.my\/articles\/category\/news-updates"},{"@type":"ListItem","position":3,"name":"PayNet Issues Statement On DuitNow QR Transaction Fee"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/8c957dfb12fe1ffcc0e443b7cc382349","name":"Azreen Azmi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8885892ba26a4b385de85e74cb4a5865?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8885892ba26a4b385de85e74cb4a5865?s=96&d=mm&r=g","caption":"Azreen Azmi"},"description":"Azreen Azmi is a writer with a penchant for writing about content marketing and technology. From YouTube to Twitch, he tries to keep in touch with the latest in content creation and finding out the best way to market your brand.","url":"https:\/\/www.imoney.my\/articles\/author\/azreen-azmi"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/58903"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=58903"}],"version-history":[{"count":3,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/58903\/revisions"}],"predecessor-version":[{"id":58910,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/58903\/revisions\/58910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/58904"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=58903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=58903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=58903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}