National Payment System Governing Committee discusses to pratise digital payment system

National Payment System Governing Committee held its first coordination meeting in Nay Pyi Taw yesterday.
During the meeting, Committee Chairman and CBM governor U Than Nyein said that it should implement the visions and missions of the National Payment System Strategy (2020-2025). It also needs to establish a secure national payment system that can effectively contribute to its financial stability and economic growth.
He also discussed matters pertaining to the use of electronic payment system for national payment, duties of government to supervise in implementing a digital payment system to reduce cash usage, modern payment and electronic payment systems, enactment of the law to protect service providers and customers, and plans to draft a law supervisory framework meeting the international criteria.
Then, Daw Than Than Swe, Deputy-Governor of CBM, presented CBM-Net System, tax payment on CBM-Net System, other tax payments via Digital payment platform of Mobile Financial Service Providers like Wave Money, OK Dollar, MPT, Ooredoo and MyTel and MMQR system.
The attendees to the meeting also discussed the mobile payment systems of local banks, criteria and procedures for payments, digital payment system, cooperation works between government and private sectors for tax relief, digital sales for retail and wholesale, Cheque Truncation System, safe and secure payments and illegal payment system to be added in the payment system of the country. —MNA