CBM holds coordination meeting on MMQR standardization for payment switch on 13 July

A coordination meeting to discuss the MMQR standardization for the digital payment switch system was convened at the Learning and Training Centre of Yangon Branch, the Central Bank of Myanmar (CBM) at 9 am on 13 July 2022.
Deputy Governor Daw Than Than Swe of the CBM and officials concerned from the State-owned banks, private banks, digital wallets, merchant acquiring service providers and executive managers of PayPlus Co., Ltd were present at the meeting. Officials from the foreign bank and branches virtually attended the meeting.
According to the CBM’s National Payment System Strategy (2020-2025), a digital payment switch system that routes payment transactions between multiple acquirers and payment service providers is being implemented in line with the existing payment policies. CBM-NET system to handle large payrolls and utility bills was also carried out. Moreover, a digital payment switch system to facilitate the settlement of small payments between different service providers is also being undertaken.
Afterwards, Payment Landscape in Myanmar, Digital Payment Switch System, QR Code Standardization, QR Code Generation and MMQR Standardization new version were explained. The attendees raised some questions. Earlier, digital payment can be made through a single payment gateway. The payment switch will build communication between different financial service providers and ensure smooth financial transactions between multiple providers.
Digital payment can reduce cash handling for the convenience of customers. They can choose the best payment gateway with the cheapest merchant services. — MNA