MMQR of merchant acquiring service launched on 4 March

THE Central Bank of Myanmar (CBM) virtually launched MMQR payment of merchant acquiring service at the Learning and Training Centre of the CBM at 2 pm on 4 March.

At the event, Deputy Gov­ernor Daw Than Than Swe of the CBM delivered that the gov­ernment is strenuously striving for digital payment reform. The financial institution implement­ed Real-time gross settlement (RTGS System), the automated clearinghouse for retail payment and the National Payment Switch MPU for card services. Soon, MMQR (payment via QR code) will provide a real-time retail payment service for merchants through an association with issu­ing banks with the use of digital platforms. The CBM is carrying out payment instruments to im­prove and enhance payment sys­tems. Mobile banking services, i-banking services and e-wallet systems have been permitted so far. Furthermore, it gave the green light to the transportation and shopping card payment sys­tems as well.

The CBM’s National Pay­ment System Strategy (2020- 2025) was laid down and it is­sued a directive on merchant acquiring services (notification 7/2020). The CBM gave the green light to the four Non-Bank Fi­nancial Institutions to grow the digital payment network in the other regions, in coordination with the banks. They are Nature Link Travel and Tours Co., Ltd (Brand Name-Trusty), Internet Wallet Myanmar Co., Ltd (Brand Name-OK$), Zego Pay Co., Ltd (Brand Name-Zego) and Unipay Co., Ltd (Unipay).

The acquirers provide ser­vice for payment execution with the QR code payment in line with the National Standard Code MMQR. This event introduced QR code payment for the con­venience of the customers.

Merchant acquiring institu­tions explained the work pros­pects and the performance of their applications through video conferencing. Managing Director U Nyein Chan Soe Win of AYA Bank explained acquiring bank­ing networks. Executive Director U Zaw Lin Htut of a directive on merchant acquiring services (no­tification 7/2020) also elaborated matters regarding the increase in MPU card payment users and third-party processors.

The deputy governor dis­cussed the suggestions with the relevant experts and gave the closing remark.

MNA