The Central Bank of Myanmar (CBM) conducted an inspection yesterday regarding the pilot testing operations of MyanmarPay (Digital Payment Switch), including the rules and regulations that members must follow and the plans for the Go-Live launch. The inspection took place at the CBM’s Sule Branch, located at the corner of Sule Pagoda Road and Bank Road in Kyauktada Township, Yangon.
The meeting
was attended by the CBM Governor, along with the directors-general, officials
from the CBM, representatives from banks, mobile financial service providers,
merchant payment service providers, the system operator PayPlus Co Ltd, the
technical provider Andaman Capital Partners, and members of the technical
committee.
First, the
CBM Governor inspected the office setup of PayPlus Co Ltd., the operator of
MyanmarPay, at the Central Bank’s Sule Branch office. Following that, the CBM
Governor explained that the MyanmarPay (Digital Payment Switch) project had
been in preparation since 2021, with adjustments made to the necessary business
models and infrastructure. The implementation phase only began in 2023. PayPlus
Co., Ltd. was appointed as the operator, while Andaman Capital Partners was
assigned responsibility for the technical aspects.
As
MyanmarPay is a national-level project, it will connect QR payments not only
domestically but also internationally. She emphasized the need for all parties
to collaborate to ensure the project’s success and to maintain a positive
reputation from the start. She noted that constructing a system requires the
coordination of time, financial resources, and expertise. The project has
progressed to this pilot phase due to adherence to the Central Bank’s payment
strategy and the alignment of participants’ technologies. She expressed
gratitude to everyone involved for reaching this point.
Once
MyanmarPay QR is implemented, it will enable payments between banks, mobile
financial service providers, and merchant payment service providers by building
a switching system that connects different payment platforms and models. This
will facilitate mutual payments across these platforms. It is essential to
ensure strong security, effective monitoring, and efficient settlement
processes.
As part of
the practical implementation, pilot testing is being carried out with KBZ Pay,
AYA Pay, OK$, and Wave Money. These platforms are being integrated with the
Digital Payment Switch, and their operations are being observed and studied to
identify any necessary improvements.
A practical
demonstration of how to use the MyanmarPay (Digital Payment Switch) service was
conducted by representatives from the pilot participants of the MyanmarPay
Project, including KBZ Pay, AYA Pay, OK$, Wave Money, and PayPlus Co Ltd.
Officials demonstrated real-time transactions, showing how payments made by a
customer to a merchant were immediately processed and displayed live in the
system. They also demonstrated the settlement processes between the banks, the
merchant registration procedures, and other functions using nine different test
scenarios to illustrate how the system operates.
The
presentation continued with an explanation of the daily transaction settlement
processes. A production testing plan will be carried out in three phases to
launch the MyanmarPay service. In the first phase, tests will be conducted with
dummy merchants. In the second phase, friendly merchants will be involved in
the trial. In the third phase, the system will be made available for public
use, marking the Go-Live stage. It was also announced that the Go-Live launch
is scheduled for December of this year.
Following
this, the CBM Governor instructed officials from the Central Bank, PayPlus Co
Ltd., and the technical consultants to ensure the MyanmarPay (Digital Payment
Switch) Project is ready for implementation within the scheduled Go-Live
period. She also emphasized the need for the swift release of the code of
conduct and policy guidelines.
MNA/TMT
#TheGlobalNewLightOfMyanmar
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