DuitNow QR: CIMB to retain zero transaction fees for merchants until 31 Dec 2023

In general, CIMB is among the first bank that has openly addressed the issue of DNQR transaction fees on merchants. This is quite a surprise given that this matter made its way into the headlines due toThe e-mail stated that merchants have to pay 0.25% of the DNQR transaction value starting from 1 November 2023 and applicable to all banks. The fee would be increased to 0.5% if the DNQR transaction is performed using a credit card.

However, this zero transaction fee policy will not last forever though. The bank, who referred to the policy as theHence, it seems that the DuitNow QR transaction fees will be eventually put into place. Even though this policy only applies to merchants, it could still trigger a domino effect on consumers as businesses look for ways to offset the cost.

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