KUALA LUMPUR, Oct 7 — Major banks have taken appropriate steps to waive transaction fees for micro and small businesses that accept payments via DuitNow QR, Bank Negara Malaysia (BNM) said.
Assistant Governor Suhaimi Ali said the banks facilitate more than 80 per cent of the businesses that receive payments via DuitNow QR.
As for individuals, they will not be charged for any payments of less than RM5,000 through DuitNow QR.
"That is quite a large amount for an individual transaction," he said at the Pasar Kitar Cashless Langkawi event today.
Suhaimi was addressing concerns regarding the announcement on the imposition of transaction fees for the DuitNow QR service.
He also advised the public to equip themselves with financial management to avoid being victims of financial fraud.
BNM has also requested banking institutions to implement additional measures to prevent financial fraud, like switching from using one-time passwords, or better known as SMS-based OTPs, to more secure methods when making online money transfers.
The National Scam Response Centre has also been set up with a 997 hotline to coordinate rapid response to fight financial fraud.
— Bernama
