75% of businesses can expect DuitNow fees waived, says BNM

The central bank said major banks and third-party financial service providers will continue waiving the fee for micro and small businesses.

Bank Negara Malaysia said businesses who accept payments through DuitNow would save on rent of point-of-sale terminals and the costs of handling cash.

The central bank said any transaction fee imposed would be “as low as, or lower than, fees imposed on payments using debit cards”. However, the statement did not specify what rate is currently charged. These institutions managed 75% of businesses currently accepting payments via DuitNow, Bank Negara said. It said Payments Network Malaysia, which operates the DuitNow system, would help to defray the costs incurred by the companies that continue to offer full waivers on DuitNow service fees.

The central bank said the imposition of DuitNow merchant fees would not incur any additional charges for individual customers.

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