A transaction fee to be imposed on DuitNow QR across all banks on 1 November 2023


Yesterday, there was an online buzz going around regarding DuitNow QR. An RHB Reflex user received an email about the bank introducing a transaction fee for DuitNow on 1 November 2023. In the email, it is stated that 0.25% of the transaction value will be imposed on a savings account or ewallet, and 0.50% from a credit card. This does not apply to normal consumers, though.

Furthermore, this RHB Reflex email stated that the charges would be deducted on every fifth day of the month. It seems to apply to a merchant's account only and would depend on the transfer's mode, as aforementioned. Currently, no transaction charges are imposed except if they exceed RM5000 with a fixed fee of RM0.50.

On that note, the email also mentioned that this is a regulatory requirement for the implementation of a pricing structure for all the banks. Sources have confirmed Maybank will indeed initiate it, but only between banks (interbank) and applications using the DuitNow service. No charges will be imposed if using Maybank QR to transfer fees.

On the other hand, CIMB and HSBC told sources that they did not receive notice about it. However, HSBC said updates will be up online if the implementation of the charges applies. As for non-bank platforms that rely on DuitNow QR for payment such as Boost, GrabPay, Setel and Touch 'n Go, we assume the transaction charges would be implemented.