It’s no secret that everyone is adopting the cashless payment method. However, not everyone is on board just yet. Whether it’s hard to break the norm or you’re afraid to use QR/E-Payment, we’re here to break that misconception by letting you in on the advantages of using the new cashless payment method!
Start Paying With DuitNow QR Payment For Your Daily Life Spending
Know that QR code that you see on almost every cashier? Yes, that’s the DuitNow QR Payment activation code. Now you may already know about DuitNow QR Payments and how it works, but here’s a little extra info we bet you didn’t know, especially if you’ve ever only been a consumer.
MDR? MD-What?
There is a common fee called Merchant Discount Rate, a.k.a MDR, that is associated with the provision of electronic payment services. The MDR is only charged to merchants, not customers. This means a merchant would receive the payment made by their customers after deducting the MDR. This is very much similar to any other card-based payments that also incur MDR. Plus, the percentage is based on the total amount that the customer has paid.
The MDR made headlines a few months ago because some banks decided to start charging the MDR for QR payments. But the good thing is that most of them have since decided to u-turn their decisions – even Bank Negara made a statement about it!
What is important to know is that customers who make payments using DuitNow QR should NOT be paying any additional fees or charges. Any products and services bought using QR payments should most definitely cost the same as paying with any other modes of payment, including cash, credit cards, and debit cards.
Why Should Merchants Pay For MDR?
Basically, MDR is needed to upkeep the payment systems and to maintain high service reliability and robust security standards for all parties, both merchants as well as the customers. These costs are crucial to ensure merchants and individuals continue to have confidence in using payment services on a daily basis.
5 Benefits You Didn’t Know Of Using DuitNow QR Payment
1. Micro & Small Businesses Do Not Need To Pay For MDR
For smaller businesses, a majority of DuitNow QR merchant acquirers announced that they will continue to waive MDR for smaller businesses. Major banks and selected non-bank financial service providers have announced that they will continue to waive the transaction fee for micro and small businesses accepting DuitNow QR payments.
2. DutiNow QR Is In Fact The Cheapest Payment Option For Businesses
DuitNow QR remains one of the cheapest payment options for business merchants.
Business merchants who receive cash payments would incur costs too, such as (i) personnel costs in hiring trained cashiers or managers to handle the cash; (ii) security costs in storing the cash and hiring a security company to transfer large amounts of cash to the bank; (iii) time costs such as the longer time needed for cashiers to calculate and give change, or the time needed to go to the bank to deposit/withdraw cash. QR payments help business merchants keep a clean transaction record without needing a cashier or accountant, which would keep the business costs even lower!
3. There Are More Forms Of e-Payment
Of course, it’s not just QR Payment, other types of e-payment include payment cards (transactions can be made via contactless, PIN-based, or card-not-present), online banking (where you can perform fund transfers, pay bills, debit/credit card payments, or loan repayments in real-time) and mobile payments (merchants can accept payment from bank and e-wallet customers via the national QR code).
4. Travel Overseas With Ease Using QR Payment
Malaysians who travel to Indonesia, Singapore, and Thailand can now make payments in these countries by scanning their local QR codes with participating bank apps or e-wallets, just like how we would here. Simply turn on our usual bank apps or e-wallets (e.g. MAE app, Touch’ n Go app, etc. – find out the full list of participating bank apps or e-wallets here) and scan the local QR codes (e.g. PromptPay for Thailand, NETS for Singapore, QRIS for Indonesia) and pay like a local! This new service definitely boosts much more convenience to travellers heading there! No more long queues at the money changer or the risk of losing cash whilst travelling!
5. Travellers in Malaysia Can Use QR Payment Too
Tourists from Indonesia, Singapore, and Thailand can also make payments by scanning DuitNow QR when they travel to Malaysia, ultimately boosting the local tourism sector and businesses.
Start Your New Year By Simplifying The Way You Pay Daily
Jump on the DuitNow QR or e-payment bandwagon and start benefiting today! Say goodbye to bulky wallets, all you need is your phone and you’re set for the day. Start 2024 by making your life easier with DuitNow QR or e-payment!
