Update: Paynet is now updating the announcement from the implementation date of October 1, 2023, to the new date, November 1, 2023.
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PayNet today finally issued an official statement regarding DuitNow QR transaction charges which will come into effect on 1 October 2023 and 1 November 2023, in addition to providing further clarification and correcting some other media reports that were not accurate before.
According to PayNet, these transaction charges are against the seller or retailer, and not against the public user. This charge is in an effort to enable the payment network to be well maintained and managed, in addition to reducing the costs borne by banks and service providers in its management.
This service charge was previously targeted to be implemented earlier, but was delayed until November 1, 2023. PayNet stated that the introduction of this charge will not lead to an increase in the price of goods. This is because payment mediums such as credit cards and debit cards by sellers are ready to pay transaction charges to service providers. These transaction charges will be borne by the merchant or retailer and not by the general consumer.
Furthermore, PayNet clarified that the 50 sen transaction charge for transfers over RM5000 is a transaction charge for user-to-user (P2P) transfers and not for retailers.
According to PayNet as well, there are some banks that will continue to offer services for free – especially involving retailers and small sellers. However, this depends on the bank or the service provider.