25th April 2025 - 2 min read
GXBank is set to limit ATM fee waivers to once per month per customer beginning 6 May 2025, as part of an effort to encourage digital payment adoption and support Malaysia’s shift towards a cashless society. Alongside this, the bank will sunset its existing cashback programme and introduce a new initiative in collaboration with PayNet, aimed at promoting greater use of DuitNow QR.
From 6 May to 5 August 2025, customers will receive 0.2% cashback for every DuitNow QR transaction, up to RM5 per customer each month. Additionally, customers who link their DuitNow ID to GXBank for the first time will be eligible for an RM8 cashback reward, provided the link is maintained for a minimum of 30 consecutive days.
The shift in product offerings comes amidst changing consumer behaviour. In 2023, ATM cash withdrawal values across Malaysia declined, underscoring a growing preference for digital payments. This trend parallels a decrease in the number of ATM machines nationwide and coincides with the continued rise in mobile-based transactions. Initiatives such as DuitNow QR, which unify QR payments across banks and e-wallets using a single, user-friendly code, have seen adoption rates increase six-fold, driven by both pandemic-era acceleration and sustained government efforts.
GXBank acknowledges that the updates may be perceived less favourably by some, but emphasises that more than 97% of its customer base is already fully cashless, using either the GX Card or DuitNow QR for their transactions. The bank views these changes as a natural next step to further entrench cashless habits while enhancing security, convenience, and the overall banking experience.
The savings realised through these adjustments will be channelled into customer-focused innovations. These include the upcoming launch of banking solutions for micro, small, and medium enterprises (MSMEs), designed to offer seamless, inclusive services tailored to underserved segments. GXBank also aims to strengthen its position as the top choice for travel-related spending, and will continue to reward customers with 1.5x GrabRewards on purchases made at any Jaya Grocer outlet.
Further details on the GXBank and PayNet DuitNow QR campaign will be announced in the coming weeks.
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
Comments (2)
“an effort to encourage digital payment adoption and support Malaysia’s shift towards a cashless society.”
Let’s be honest—raising the cashback to 3% would help a lot more. We all know the real reason behind this is cost-saving. Please stop giving us these sugar-coated explanations.”
Thanks for sharing your thoughts! Totally get where you’re coming from. Cashback would definitely feel more impactful. The move is mainly to encourage digital payments, but yeah, we hear you.
It’s always better when things are straightforward. Hopefully, more benefits will come along soon!