As many Malaysians move towards a cashless lifestyle, businesses and vendors have begun using the DuitNow QR system for more convenient transactions.
However, there will be a new rule after 1st November, affecting businesses and sellers. According to an email from RHB Reflex, all businesses and sellers that use the DuitNow QR application to receive money will be charged a small fee due to a price structuring by DuitNow.
The charges will be effective across all banks and will be deducted from the current or savings accounts of the business on the fifth day of each month. Payments from a current or savings account will be levied a 0.25% fee from the total monthly amount, while payments from a credit card will be levied a 0.50% fee.
It is unknown if the rule will affect regular users or personal accounts. Previously, the DuitNow QR service has only imposed a fixed transaction charge of RM0.50 on customers for transfers over RM5,000. The QR service is currently utilised by all banks in Malaysia, as well as some non-bank entities such as Boost, GrabPay and Touch ‘n Go.
As of reporting, only RHB Bank and Maybank have confirmed the matter, with the latter clarifying that the charge will only affect DuitNow QR users, so Maybank QR users will not be affected. However, CIMB Bank and HSBC said they haven’t received any memo on this matter but will update customers with any news.
It seems like the change will ultimately only affect sellers, so if you have a business that uses the DuitNow QR pay system, keep in mind these changes and contact your bank for any inquiry.
Source: MalaysiaNow
