KUALA LUMPUR: Major banks and non-bank financial service providers will waive transaction fees for micro and small businesses accepting DuitNow QR pay...
: Major banks and non-bank financial service providers will waive transaction fees for micro and small businesses accepting DuitNow QR payments, says Bank Negara Malaysia .
“Businesses using DuitNow QR as a payment method also do not need to incur recurring costs for point-of-sale terminal rental for card-based payment channels or additional overhead and administrative costs for handling cash payments,” it said in a statement on Friday night. According to BNM, the transaction fee is intended to cover costs and investments needed by the industry to upkeep their payment systems, including cybersecurity and fraud prevention controls, in order to maintain the high service and security standards for payment services
It said major banks and selected non-bank financial service providers, which manage 75 per cent of businesses currently accepting DuitNow QR payments, have announced that they will continue to waive the transaction fee for micro and small businesses accepting DuitNow QR payments.
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