BNM ADDRESSES CONCERNS ON DUITNOW QR PAYMENTS

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% 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, he said.

"That is quite a large amount for an individual transaction," he said in his speech at the Pasar Kitar Cashless Langkawi event.

He said this to address concerns regarding the announcement on the imposition of transaction fees for the DuitNow QR service.

Suhaimi also advised the public to equip themselves with financial management to avoid being victims of financial fraud.

He said BNM has also requested banking institutions to implement additional measures to prevent financial fraud such as switching from using one-time passwords, or better known as SMS-based OTPs to more secure methods when making online money transfers.

He said the National Scam Response Centre has also been set up with a 997 hotline to coordinate rapid response to fight financial fraud.