NAY PYI TAW February 27
The launching ceremony of MMQR, the national QR standard for digital payments in Myanmar, was held at Jade Hall of MICC-I this morning, addressed by Chairman of State Administration Council Prime Minister Senior General Min Aung Hlaing.
Also present at the ceremony together with the Senior General were SAC Joint Secretary General Ye Win Oo, SAC members, union level dignitaries, union ministers, the Nay Pyi Taw Council chair, senior military officers from the Office of the Commander-in-Chief, the Nay Pyi Taw Command commander, deputy ministers, ambassadors of diplomatic missions in Myanmar, members of the board of directors of Central Bank of Myanmar, invited heads of department and officials, chairs and secretaries of associations and banks, distinguished guests from financial institutions and technology companies, and officials.
First, the Senior General inaugurated the ceremony by pushing a button.
In his address, the Senior General said it is a pleasure to announce the availability of the Myanmar QR (MMQR) that ensures convenient and faster payments in accord with the national OR standard and that meets international standard, for public use beginning today.
It is also a milestone that marks the success of a payment system that is important in the financial sector of Myanmar.
The Central Bank of Myanmar is an institution that is mainly responsible for the country’s financial payment system development. Hence, it is in the constant process of developing Myanmar payment system with the times, conducting payments in accord with international standard, ensuring secure and quick money transfers in everyday life of the public and public inclusiveness in monetary sys-tem, promoting the application of digital payment system, while reducing the use of cash, and facilitating trade, investment and tourism services and foreign remittances.
As regards the development of Myanmar’s payment system, the country set up the Myanmar payment board with the involvement of state-owned and private banks in 2011 for infrastructure development. Later, it introduced the systematic use of international payment cards, in addition to debit cards and credit cards, issued by local banks. In 2016, the Central Bank of Myanmar established a payment network for the banks and arranged the settlement of large tax payments through domestic banks.
Alongside the increase in domestic mobile phone use, financial services must be available for the people outside the areas of banking services. In this regard, the Central Bank of Myanmar issued laws, rules and regulations, directives and orders for mobile banking services, internet banking business, mobile financial operations and services, mobile businesses, and payment service providers for broadening the scope of digital payment methods till reaching the grassroots. The bank also permitted conducting remittances for meter bills, taxes, civil servant salaries, premium payments, micro loan payments and collections.
The aim of the national payment strategy calls for a system that will develop digital banking services and that ensures a faster connection between the diverse mobile banking services.
The application of MMQR is for the establishment of bilateral connections by using the Myanmar national standard procedures. The integration of various QR codes from different payment systems within the country will enhance convenience for users.
This initiative aims to facilitate seamless and low-cost retail payments, making everyday transactions faster and more efficient. Therefore, it is essential to educate users on the procedures for making transactions through Myanmar QR
(MMQR) to ensure they clearly understand and can use the system effectively.
ByusingMyanmarQR(MMQR), both unbanked individuals and those already using banking services will have greater access to the financial system and a wider range of financial services.It will also help reduce the reliance on cash transactions.
In addition, the integration of different bank accounts, digital mobile wallets, and payment systems will streamline financial management for both merchants and users, making transactions faster, easier, and less complicated.
Myanmar QR (MMQR) can be utilized for a wide range of business activities, including government payments, taxes, utility bills such as electricity, tourism, civil servants’ salaries, pensions, small businesses, petrol stations, private hospitals, schools, and consumer goods sales.This will allow a wide range of businesses across various sectors to participate, facilitating an easy, fast, and streamlined payment system.
In Myanmar, the Central Bank has established a national standard, the Myanmar QR (MMQR), which will facilitate smooth and secure international financial transactions and money transfers, aligning the country with global standards.It is also a system that promotes the development of the country’s digital economic infrastructure.With the advancement of technology, while it is now possible to offer systematic and convenient services, it is equally important to implement effective monitoring and supervision to prevent online fraud.
The successful launch of the Myanmar QR (MMQR) digital payment connection system is a great source of pride, marking a significant development in the payment sector, made possible through the leadership of the Central Bank of Myanmar and the collaborative efforts of relevant organizations.He further urged making concerted efforts to develop payment systems that align with modern advancements, strengthen the country’s financial sector, and contri bute to the support of the national economy in various ways.
Then, Daw Than Than Swe, the Governor of the Central Bank of Myanmar, explained the status of the implementation of MMQR, the National QR Standard for Myanmar’s digital payments.
Afterwards, the Senior General and the attendees of the ceremony watched a documentary video showcasing the stages of development of Myanmar’s digital payment system, along with the process steps and benefits of MMQR.
Then, the Senior General was presented with a commemorative gift by the Governor of the Central Bank of Myanmar to mark the launch of MMQR, the National QR Standard for Myanmar’s digital payments.
Afterwards, the Senior General and the attendees of the ceremony took documentary photos and toured the exhibits, showing interest in the MMQR payment methods.
