Claiming ‘betrayal’, SMEs urge PayNet to review return of DuitNow QR transaction fee rates

Malay Mail
Malay Mail

KUALA LUMPUR, Sept 28 — The Small and Medium Enterprises Association (Samenta) has today urged Payments Network Malaysia Sdn Bhd (PayNet) — the operator of DuitNow QR — to reconsider the imposition of transaction fees rate for its payments and transactions made with credit cards from November 1.

Samenta national president Datuk William Ng conceded that merchants have now no alternative but to utilise DuitNow after having invested considerable amounts of time and resources to encourage customers to pay via a single QR code system — making this new move feel like a “betrayal”.

“Over the past few years, we have been actively encouraging SMEs especially those in the retail and food and beverage sector to rapidly digitalise and at the core of that — to accept e-wallet.

“As such, this does feel like a betrayal on the part of DuitNow,” he said in a statement here.

Ng also there may be a foreseeable future where merchants would only accept e-wallet or DuitNow above a certain limit or revert to accepting cash should the new policy take effect.

Despite acknowledging the merchant discount rate (MDR) charge imposed for payments has been “there as a fine print all along”, Ng nevertheless suggested that it was very arbitrary on the part of PayNet and the acquiring banks to impose as much as 0.5 per cent on payments received.

“We urge PayNet and the acquiring banks to consider charging a lower rate than the 0.25 and 0.5 per cent proposed.

“Going cashless benefits everyone, including the country and banks as it reduces the risks and costs associated with cash management, while the banks continue to benefit from the retail ecosystem and commission from other payment methods,” he said.

Earlier today, the company said the news reports in question were “inaccurate” and sought to address the recent concerns reported by several online news sites over the imminent imposition of fees.

PayNet saidtThe MDR was waived as an incentive to encourage use during the QR payment introduction period in 2019, and then this waiver was extended due to the Covid-19 epidemic.

The company also 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.