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CIRCULAR
PN/Commercial/2024/0004
     
To : RPP Participants
From : Gary Yeoh, Chief Commercial Officer
Date : 21 March 2024
Subject : DuitNow QR Rebate Fund and DuitNow QR Fee Compensation
Product/Services : RPP
Download : PDF

 

Dear Valued Participants,

We refer to PayNet’s Circular dated 15 August 2023 on the DuitNow QR (POS) Pricing Structure.

We would like to inform participants on the DuitNow QR Fee Compensation and the DuitNow QR Rebate Fund programmes in line with the intent to ensure the Micro, Small and Medium Enterprises (MSME) segment enjoys zero or low Merchant Discount Rate (MDR) for DuitNow QR transactions. Based on the discussions between Bank Negara Malaysia (BNM), the industry and PayNet over the past few months, the PayNet Board has approved the following programmes:

  1. DuitNow QR Rebate Fund
    Acquirers will receive rebates from PayNet for the switching and interchange fees incurred for DuitNow QR transactions for the MSME segment, and the amount to be rebated will be backdated to 1 October 2023*. Please note that for purposes of this Rebate Fund, an MSME is defined as a merchant with a total monthly DuitNow QR transaction value of not more than RM4,000, and the payments will be made as follows:
    1. Monthly rebates for October 2023 to February 2024 will be paid by end-March 2024; and
    2. For subsequent months until March 2025, the rebate will be paid automatically by the 15th of the following month.
  2. DuitNow QR Fee Compensation
    1. Fee compensation is paid to acquirers with net-acquiring position for the month of October 2023 following the introduction of the DuitNow QR fees. This one-time compensation payment (issuing income less acquiring cost) has been made to all eligible participants on 27 February 2024.

Note: * Participants that had received DuitNow QR fee compensation under item 2 above shall not be entitled for the DuitNow QR Rebate for the month of October 2023.

We thank you for your continued collaboration, commitment and support. Should you have any queries or require further information, please do not hesitate to contact our team.

Thank you.

 

............................................
Gary Yeoh
Chief Commercial Officer

 

PN/Commercial/2024/0003
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