Putting off charge for DuitNow QR payments, call for waiver for DuitNow QR payments permanent

 

New rules: PayNet said debit and credit card payments were subjected to MDR, while there is currently a MDR waiver for QR payments. — SHAARI CHEMAT/The Star© Provided by The Star Online

PETALING JAYA: Several financial institutions, including Public Bank and CIMB, have announced a waiver of the merchant discount rate (MDR) for vendors accepting payments via the DuitNow QR code platform.

CIMB has decided to postpone the MDR until the end of the year, while Public Bank will maintain the waiver until further notice. 

Public Bank has communicated on its website that it would waive the following fees for QR payment acceptance, effective from Oct 1 until further notice.

It said merchants would enjoy fee waivers for categories such as payment acceptance via Current and Savings Accounts, ewallets, and Maintenance Fee and API Integration Fee under the bank’s Enterprise Plan.

Credit card transactions under the Enterprise Plan will incur a charge of 0.25%.

The DuitNow QR service enables money transfers between banks and non-bank entities by scanning QR codes.

Related video: DuitNow QR charges won’t burden low income groups, says PM 

ALSO READ: Wee: Make waiver for DuitNow QR payments permanent

It was established by Payments Network Malaysia Sdn Bhd (PayNet) under Bank Negara’s Interoperable Credit Transfer Framework.

Earlier yesterday, Paynet confirmed that vendors would be charged a transaction fee for payments received via the DuitNow QR code platform starting Nov 1.

It said there were charges for two different epayment types – the MDR and the 50sen fee for transactions exceeding RM5,000 for peer-to-peer fund transfers between personal QR codes, not payments to merchants.

ALSO READ: Charge on DuitNow QR payments will burden SME sector, says group

Merchants, it said, would receive the payment made by their customers after deducting the MDR, which is charged based on a percentage of the transaction value.

PayNet said debit and credit card payments were subjected to MDR, while there is currently a MDR waiver for QR payments.

Starting Nov 1, the MDR waiver for DuitNow QR payments would be lifted, it said in a statement, adding that the MDR was neither a new fee nor an additional charge.

“As an incentive to promote usage during the introduction of QR payments in 2019, the MDR was waived. This was extended due to the Covid-19 pandemic.”

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When US accuses China on information dominance, it's like Uncle Sam talking about itself

The hypocrisy of the US is on full display in its newly-released report on China, while Washington's anxiety on its own capability to dominate public opinion is also bubbling.: 

By Global Times | 2023/9/29 20:15:45

The collective "West" don't want to be reminded of its atrocities

Gman Singh 无必问

The Next Global Superpower Isn't Who You Think

People are not blind in seeing US' empire of lies: Chinese FM refuting State Department's China report

Refuting the US Department of State's malicious report claiming that China has invested billions of dollars spreading disinformation globally, a Chinese Foreign Ministry spokesperson said the report itself is disinformation, and people of the world are not blind in seeing the US' ugly attempts that have proven time and again that it is an "empire of lies" through and through.

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The world, including China, unwilling to lend to an empire that prints money

China's National Day, which falls on October 1, is just around the corner. For the Chinese people, September 30 marks the start of a seven-day holiday following the Mid-Autumn Festival.

In the upcoming days, they will enjoy the happiness and joy of the "long holiday," which they have earned through their hard work.

Meanwhile, across the ocean in the US, this year's October 1 is a critical day.

Federal government agencies will run out of funds previously approved by Congress at midnight on September 30, the end of the current fiscal year. A government shutdown due to the bipartisan inability to reach an agreement seems inevitable.

For the rest of the world, this situation appears to be a farce of a commonplace American political struggle. People are not concerned about whether Washington will shut down. Where exactly is the US debt ceiling? This is what worries them. Can it continue to rise indefinitely?

The US has not defaulted on its national debt in the past, which is why US debt has become the most reputable in the world. But it has now reached an alarming height - $33 trillion! That amounts to $100,000 per person across the nation! What's even more concerning is its growth rate, with an increase of $10 trillion in three years! That means $833 million is being added to the debt every hour since it crossed the $33 trillion mark.

A nation that frequently accuses other countries of creating debt has set a huge trap for the world in recent decades. Let us not overlook the fact that the US possesses the power to "print money," which it uses to sustain Washington's audacious habit of borrowing and spending recklessly, exemplifying its dominant "style" of hegemony. Government finances in the US have struggled for nearly half a century due to excessive spending without proper control, resulting in the continuous accumulation of federal government debt.

In the realm of election politics and hegemonic policy, the US has wasted significant financial resources. These resources have been used to cater to the interests of interest groups and self-serving politicians. Consequently, there has been an excessive increase in military expenditures to sustain hegemony, along with a continuous distribution of funds to appease voters.

Filippo Gori, an economist at the Organisation for Economic Co-operation and Development, has published an article entitled "America's Debt-Ceiling Disaster: How a Severe Crisis or Default Could Undermine U.S. Power," on the website of Foreign Affairs magazine (April 24, 2023).

The article points out that "because most international trade is in U.S. dollars, the United States can print money to pay for goods that it buys from abroad, allowing it to finance a large international trade deficit without having to worry that it will run out of cash."

This monopoly advantage, known as "too big to fail," has resulted in a peculiar situation where the US is "insolvent" but not officially bankrupt. As a result, the US must employ diverse strategies to uphold the dollar's dominance.

Another fundamental truth is that when the global community thinks about how the impact of this "Grey rhino" can be prevented and begins to make necessary preparations, the hegemony of the US and its foundation, the dollar, will surely be shaken.

China is a significant creditor of the US. The US' containment of China, particularly through creating military tensions in China's neighborhood, as well as the overall restriction on Chinese manufacturing and its impact on the livelihoods of the Chinese people, has heightened China's worry about the US reneging on its debts.

The hardworking Chinese people, who are about to enjoy a wonderful holiday, know that they work hard for the well-being of their families. If their hard-earned money were to be used to prop up an empire's hegemonic and brutal actions, as well as an unsympathetic political struggle, and then they were to be paid back in the form of "printed money," they would definitely say "no."

We believe that hard-working people around the world would share the will of the Chinese people.

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Toward a Global Community of Shared Future

 

Editor's Note:

In the universe there is only one Earth, the shared home of humanity. Unfortunately, this planet on which we rely for our subsistence is facing immense and unprecedented crises, both known and unknown, both foreseeable and unforeseeable.

Whether human civilization can survive these has become an existential issue that must be squarely faced More and more people have come to the realization that rather than amassing material wealth, the most pressing task is to find a guiding beacon for the sustainable development of human civilization, because we all care about our future.

Chinese President Xi Jinping propounded the idea of building a global community of shared future ten years ago, answering a question raised by the world, by history and by the times: "Where is humanity headed?"

His proposal lights the path forward as the world fumbles for solutions and represents China's contribution to global efforts to protect our shared home and create a better future of prosperity for all.

Over the past decade the idea has been steadily enriched.In 2015, Xi fleshed it out with a five-point proposal in his speech at the General Debate of the 70th Session of the UN General Assembly. In 2017, he further proposed five goals for the world in his speech at the United Nations Office in Geneva. This represents the steady increase in the depth and scope of the vision of a global community of shared future.

The past decade has also seen steady progress in implementing the vision. From bilateral to multilateral and from regional to global dimensions, ground-breaking results have been achieved on every front. The Belt and Road Initiative (BRI), the Global Development Initiative(GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI) have taken root and borne fruits, bringing prosperity and stability to the world and creating substantive benefits for the people.

On the occasion of the 78th session of the United Nations General Assembly, the Chinese government has released this white paper to comprehensively introduce the historical context in which the concept of building a global community of shared future was born, the ideological connotations the concept contains, the cultural soil it is rooted in, the path it advocates for realization and the vivid practices it has achieved.The purpose is to enhance international understanding and comprehension, foster broad consensus, and better collaborate with countries around the world in building a community with a shared future for mankind.

Our journey ahead will be a lengthy and arduous one. But as long as we press ahead with perseverance, there will be much to expect. Successes and setbacks await us, but hopes abound.

Building a global community of shared future depends on the joint actions of all countries. When all countries unite in pursuing the cause of common good, plan together, and act together day by day toward the right direction of building a global community of shared future, we can build an open, inclusive, clean, and beautiful world of lasting peace, universal security and shared prosperity and jointly create a better future for all of humanity.

Toward a Global Community of Shared Future Graphics: Chen He, Tang Tengfei,Liu Xidan,Xia Qing/GT

Toward a Global Community of Shared Future - Global Times

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China’s first sea-spanning high-speed railway to open in E.China’s Fujian

The Fuzhou-Xiamen high-speed railway route map is seen on the picture. /China State Railway Group Co., Ltd.

A high-speed train drives on the Wulong River Bridge part of the Fuzhou-Xiamen high-speed railway, August 31, 2023. /CFP

A high-speed train drives on the Wulong River Bridge part of the Fuzhou-Xiamen high-speed railway, August 31, 2023. /CFP

China's first 350km/h cross-sea high-speed railway to start ... - CGTN

Web13 hours ago · A high-speed train drives on the Wulong River Bridge part of the Fuzhou-Xiamen high-speed railway, August 31, 2023. /CFP China's first cross-sea high-

speed 

A Fuxing bullet train commences a test operation along the Fuzhou-Xiamen high-speed railway on September 4, 2023. Photo: VCG

China's first sea-spanning high-speed railway capable of a top speed of 350 kilometers per hour is expected to start service in East China's Fujian Province on Thursday. The line shortens the travel time between Fuzhou and Xiamen to at most 55 minutes in a bid to enhance the connectivity between the two major cities in the province, the Xinhua News Agency reported on Wednesday.

With a total length of 277 kilometers, the railway starts from Fuzhou, passes through Putian, Quanzhou and Xiamen and ends in Zhangzhou.

The high-speed railway is yet another intelligent railway route to enter commercial service following the Beijing-Zhangjiakou high-speed railway and Beijing-Xiong'an high-speed railway, demonstrating new progress in the intelligentization of China's high-speed railway technology.

The railway was designed using the latest modeling technology based on digital information, which realized the integrated management of high-speed railway's design, construction and operation.

The BeiDou Navigation Satellite System, intelligent robots and environmentally friendly materials were adopted to facilitate the construction of cross-sea bridges. An intelligent command and dispatch system is used to ensure trains stay on schedule and operate efficiently. A big data analysts system can monitor and report all potential weather disasters, ensuring the safe operation of each train on the route.

How China is Beating U.S. GPS Dominance with BeiDou

The opening of the railway connects multiple cities along Southeast China's coast and forms a belt full of tourism sites. It will also form a high-quality traffic channel connecting Ningbo in East China's Zhejiang Province and Guangzhou in South China's Guangdong Province with other high-speed railway routes that have already been completed or are still under construction.

Wang Jianmin, a senior cross-Straits expert at Minnan Normal University in Fujian Province, told the Global Times that the opening of the Fuzhou-Xiamen high-speed railway shows China has the technological ability to build a cross-Straits railway.

"What's more, it also offers expectations for people on the both sides of the Straits that the railway will be the foundation of a cross-Straits railway in the future," said Wang.

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