Merchants may have to pay transaction fees for DuitNow QR payments very soon. While this policy does not apply to consumers, there might be some impact on them as well.
Merchants may have to incur DuitNow QR transaction fees starting later this year. This is based on an e-mail from a local bank that has since made its way into social media., merchants will have to pay 0.25% of the DNQR transaction value starting from 1 November onwards. If the DNQR transaction is performed using a credit card, the fee would then be slightly higher at 0.5%.
As a comparison, merchants generally don’t have to pay anything in order to accept DNQR payments from their customers at the moment. This is with the exception of credit card-based DNQR transaction which has been set at 0.25% of the transaction value. However, it is still up to the merchants whether they want to accept a credit card-based DNQR transaction and even then, they may have to fulfil the terms set by the banks or merchant services providers. Take Public Bank’s PB QR service as an example, a merchant has toJust to be clear, the upcoming transaction fee only applies to merchants. In other words, you will not incur any additional fees when you pay for your item through the DNQR option whether with your banking or e-wallet apps.
Nevertheless, merchants can still pass that cost to consumers by increasing their prices which is not exactly a good outcome. On a related note, the said DNQR transaction fee is still lower than the credit card transaction fee whichDNQR payment is not only a convenient way to perform cashless payments but it has also been widely accepted throughout the country.
We are now reaching out to several banks as well as PayNet to obtain further clarification regarding this matter. So, stay tuned.
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