Spotlight on merchant discount rate


Scan and go: A file photo of a worker showing a QR code in a shop. E-payments have rapidly become a part of everyday commerce in Malaysia.

The spotlight on a transaction fee – the merchant discount rate (MDR) – to be imposed on merchants for accepting payments via the DuitNow quick-response (QR) code service has raised questions about whether Payments Network Malaysia Sdn Bhd (PayNet) should fully absorb the cost.

As it is, Bank Negara’s PayNet, which operates the DuitNow QR code infrastructure, made a profit to the tune of RM230mil in the financial year ended Dec 31, 2022, bringing its retained earnings to a whopping RM1.16bil.

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