CIRCULAR
To	:	RPP Participants
From	:	Commercial Division
Date	:	4 December 2024
Subject	:	Update on New DuitNow QR Rebate Mechanism
RPP	:	RPP
Reference No.	:	PN/Commercial/2024/0005

 

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Dear Participants,    

With reference to the (i) press release issued by Bank Negara Malaysia (BNM) on 29 September 2023 on DuitNow QR payments: Micro and small business will continue to enjoy zero-cost transactions; no new cost for individual customer, and (ii) Circular issued by PayNet on DuitNow QR Rebate Fund and DuitNow QR Fee Compensation dated 21st March 2024, where it defines that micro and small businesses are eligible only if their total monthly DuitNow QR (DNQR) transactions are under RM4,000.00 (Eligible MSMEs).

In support of BNM’s initiative and following the engagement sessions held between PayNet and the Participants since August 2024, Eligible MSMEs will continue to enjoy DNQR services at zero cost, through the collaborative support of PayNet and all Participants. As part of this effort, PayNet will waive the DNQR switching and interchange fees for Eligible MSME imposed on the Crediting Participants who also serve as Acquirers, while Issuers will waive the corresponding fees. To align with the operational processes, PayNet will credit the waived fees as monthly rebates to the Acquirers.

To facilitate this rebate mechanism, effective 1 March 2025, the DNQR Acquirers are required to submit the following reports to PayNet for MSME via the FI Server within the timelines as provided in the Overlay Service Procedures of DNQR (OSP DNQR):

1. The DNQR On-Us Transaction Report, which must be submitted daily before 10:00 AM on the subsequent calendar day (Clause 15.3.4); and
2. The DNQR Merchant Report, which must include merchant DNQR IDs, Business Registration Number (BRN), and/or NRIC of merchants, and be submitted monthly before 10:00 AM on the first day of the following month (Clause 15.3.2.3).

Failure to comply with the submission timelines and report accuracy will result in forfeiture of rebates and the imposition of penalty charges of up to RM10,000.00 per non-compliance, as detailed in Appendix C of OSP DNQR. For the avoidance of doubt, MSMEs with an average monthly DNQR transaction value exceeding RM4,000.00, or DNQR Acquirers charging a Merchant Discount Rate (MDR) to MSMEs are excluded from the rebate.

Please refer to Appendix 1 (Click here for Appendix 1) for the detailed rebate calculation that is based on the average monthly transaction value over the past 3 months. This enhanced rebate mechanism will be reviewed periodically, and any discrepancies will be reconciled against PayNet transactions records. PayNet reserves the right to revise these arrangements as required, including adhering to any updates issued by BNM.

We appreciate your cooperation and continued support in ensuring the success of this initiative, which aims to empower MSMEs and align with BNM’s objectives. Should you require further clarification, please email keinai.ng@paynet.my or commercial@paynet.my.

Thank you.

Azrul Fakhzan B. Mainor 
Senior Director, Commercial Division    

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