'Makcik Kiah' can breathe sigh of relief. BNM announced that Micro and Small businesses can continue to enjoy zero fees for accepting DuitNow QR payments.
, a micro-business has a sales turnover of under RM300,000. Meanwhile, a small business is defined as having a sales turnover of between RM300,000 and less than RM15 million.
BNM also said PayNet will allocate resources to help defray costs incurred by acquirers that continue to offer full waivers to micro and small businesses accepting DuitNow QR payments.The central bank explained that the transaction fee on merchants is intended to cover costs and investments needed by the industry to upkeep their payment systems. This includes cybersecurity and fraud prevention controls in order to maintain high service and security standards for payment systems.
BNM explained that DuitNow QR remains an affordable and cost-effective payment method. For consumers, there are no additional fees imposed for using DuitNow QR to pay for products and services at merchant touchpoints. For merchants, the fee impose to accept DuitNow QR payments remains as low as, or lower than fees imposed to accept debit cards.
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