Maybank And Public Bank Will Not Charge DuitNow QR Transaction Charges

 This week's viral news is the DuitNow transaction charges known by PayNet to retailers starting November 1 next. The average reaction of the public is negative because this will result in the cost to the retailer being felt by the customer through an increase in the price of goods.

This morning Maybank and Public Bank issued a statement that they will not charge DuitNow transaction fees starting November 1. Only these two banks issued statements that they will not charge transaction fees. CIMB issued a statement that it will only charge from 1 January 2024.

In a media release issued by PayNet which operates the DuitNow system, retail discount rate (MDR) charges were waived during the introduction to increase usage. It was later extended again due to the Covid-19 pandemic. The MDR charge is currently charged on every debit and credit card transaction.