KUALA LUMPUR, Sept 28 — Payments Network Malaysia Sdn Bhd (PayNet), the operator of DuitNow QR, has issued a clarification to address the recent concerns reported by several...
KUALA LUMPUR, Sept 28 — Payments Network Malaysia Sdn Bhd , the operator of DuitNow QR, has issued a clarification to address the recent concerns reported by several online news sites regarding the imposition of transaction fees for DuitNow QR payments and transactions made with credit cards from November 1.“The first type refers to e-payments made by customers to any dealer. This usually has a merchant discount rate which is charged based on a percentage of the value of the payment transaction.
“For the first type of payment mentioned above, the accumulated MDR will be shared between PayNet and related acquiring banks or third-party acquirers. “A reserve fund will be created with the MDR collected by PayNet to provide incentives to the acquirers so as not to impose any MDR on small traders. The company added that it is incorrect to state that the RM0.50 charge applies to payments made to merchants, and it is also incorrect to state that MDR is charged for fund transfers using personal QR.“Regarding concerns that MDR costs will be passed on to consumers, PayNet would like to explain that purchases using credit and debit cards are already subject to MDR.
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