Well now, things have really been stirring up about the MDR (Merchant Discount Rate) for DuitNow QR Payments. Maybank has joined the MDR “until further notice” group with Public Bank while CIMB will extend the MDR waiver on DuitNow QR Payments until the end of the year.
PayNet or Payments Network Malaysia Sdn Bhd have also announced an official statement clarifying more or less the same as we covered previously except that MDR for DuitNow QR Payments will start from 1 October 2023 and not 1 November 2023 as was previously reported.
In the statement they reiterated that:
- MDR is not a new thing. It is actually already implemented for Credit Card and Debit Card payments
- MDR for DuitNow QR Payments was waived from 2019 and should have been implemented 9 months ago
- MDR for DuitNow QR payments is not related to the RM0.5 payment for DuitNow QR transactions above RM5000 and won’t be combined
- They still don’t think this will increase prices for DuitNow QR Payments
What might actually happen for DuitNow QR Payments on 1 October 2023?
Whether merchants actually hike up prices for DuitNow QR Payment transactions or not, we can’t say, but we are reminded about how some sellers would require a certain level of payment (usually RM30 to RM50) before they would accept credit card payments. Perhaps you may have to buy a certain number of karipap or kueh before you can use DuitNow QR payments on 1 October 2023?
Regardless, if you use Maybank, Public Bank or CIMB QR code payments for now, maybe sellers might make an exception and let you buy less than 10 or 20 karipap? We expect other banks may soon follow in the DuitNow QR Code MDR waiver extension bandwagon, but no news yet on which Malaysian bank those might be.
How do you think things will turn out come 1 October 2023? Will you continue to use DuitNow QR Payments for your wireless payment transactions? Share your thoughts in the comments and stay tuned to TechNave.com