Starting November 1st, 2023, merchants operating in Malaysia will face transaction fees for receiving payments through Paynet's DuitNow service. This shift in policy stems from a comprehensive pricing restructure affecting all banks. In the past, DuitNow exclusively imposed a fixed fee of RM0.50 on transactions exceeding RM5,000.

These fees will be automatically debited from merchants' current or savings accounts on the fifth day of each month. The source of this information is an email accessed through RHB's Reflex financial portal. It's worth noting that a similar email screenshot had circulated on social media a few days earlier, though it remains uncertain whether the publication acquired its information from this source or received a separate communication from the bank.

Source: x.com

The specific fee amount levied depends on the chosen transfer method. For payments originating from current or savings accounts, a fee of 0.25% will be applied to the merchant's account. Transfers made through credit cards will incur a higher fee of 0.50%.

Maybank has confirmed that charges will also apply to transfers between banks and applications utilizing the DuitNow service. However, it's important to clarify that Maybank's QR service for transfers will remain exempt from fees.

  
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In contrast, CIMB and HSBC have publicly declared that they have not issued any official notifications or memos indicating charges for traders using DuitNow. HSBC additionally stated that, should such fees be introduced, they would provide an announcement on their official website.

In related developments, Public Bank Berhad (PBB) plans to introduce additional charges for merchants. These fees, ranging from 0.25% to 0.50%, will be imposed on merchants using PBB's PB QR code service to accept payments from customers, starting October 1st, 2023. 

However, Johor assemblyman Chew Chong Sin has urged Bank Negara Malaysia (BNM) to intervene in PBB's decision, expressing concerns that these charges might set a precedent for other commercial banks and increase operational expenses for businesses.

Social media users in Malaysia have voiced their disapproval of the new policy, arguing that it will only impose an additional burden on local merchants. They are calling on authorities to intervene and address this issue.

What are your opinions on this? Comment below. 

Source: Malaysia Now