End of the RM1 fee tests cashless Malaysia

Story on DuitNow QR payment for news. Get photos of customer scanning DuitNow QR code to make an online payment at a shop. Need photos of DuitNow QR code at shops counter too. —SHAARI CHEMAT / THESTAR

THE banking industry’s decision to abolish the RM1 interbank ATM withdrawal fee from July 1 offers immediate relief to consumers, but it also raises questions about Malaysia’s long-term push towards a cashless economy.

For years, Bank Negara Malaysia (BNM) and the banking sector have invested heavily in digital payment infrastructure, encouraging consumers to use online transfers, DuitNow QR and e-wallets instead of cash.