Those using the MyDebit Cash Out feature for purchases via debit cards should take note of this upcoming change. First reported by website Rnggt.com, several banks including Alliance, CIMB, HSBC, Bank Islam, OCBC and Standard Chartered have issued notices informing their users that all transactions made through the service will be imposed with a fee starting 1 July 2022.
According to the notices, payments done via MyDebit Cash Out will be charged RM 0.50 per transaction to cardholders. As most users are aware by now, the feature was initially made available for free prior to this. PayNet, the provider of the MyDebit Cash Out service to multiple banks in Malaysia, has yet to publicly announce or disclose any clarifications regarding the change.
For context, MyDebit Cash Out is the convenient ability that enables users to instantly and wirelessly deduct cash from their respective bank accounts for payments – sparing them the need to use physical cash. Transactions are done through a debit card, often via point-of-sale terminals of participating merchants. These include the more traditional pin input-based payments and the contactless payWave approach.
According to PayNet’s official website, there are currently over 30 banks in Malaysia that support the MyDebit Cash Out feature. However, unlike those mentioned above, banks such Affin Bank, Maybank, Public Bank, UOB and others have yet to release their respective announcements regarding the fee. Regardless, users of these banks should take notice of this upcoming change to avoid any confusion once it is implemented.
It’s also worth mentioning that the imposed fee will not affect PayNet’s other instant cash transfer services that are commonly offered by local banks. These include DirectDebit, DuitNow, FPX, Interbank GIRO, and JomPAY.
On a related note, MyDebit support is currently being tested at Rapid KL operated LRT stations in the Klang Valley region, with several terminals (shown above) already installed since 2020. Once implemented, these should enable commuters to pay for train fares directly via a debit card at entry points, without having to purchase tokens from station counters or ticketing machines, and can be used as an alternative to Touch ‘n Go prepaid cards. Rapid KL has yet to confirm when these terminals are expected to be operational.
(Source: Rnggt.com)
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