The Digital Internet Association Malaysia says the fee should be lower as technology has reduced the cost of making withdrawals.
SUBANG JAYA: An NGO which monitors financial and regulatory barriers in the industry has questioned the RM1 MEPS fee for interbank withdrawals, calling it “unreasonable” in the light of technological advances.
“It is puzzling that MEPS continues to impose the RM1 fee although technology has significantly reduced the cost of withdrawals,” he said. “As a government-owned entity, PayNet has not been very forthcoming with information, especially on the rationale of collecting the RM1 fee for interbank MEPS withdrawals,” he said, adding that the annual amount collected for this should be made known to taxpayers.
Likewise, he questioned the wisdom of appointing a foreigner as CEO of PayNet, saying there are many capable local candidates who can handle PayNet’s operations which have been in place for a long time.
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