The Central Bank of Myanmar has developed a national QR standard MMQR, enabling secure and smooth international financial transactions and remittances while keeping abreast with other countries, said the Senior General.
Speaking on the occasion, the Senior
General said that the people can use the MMQR created in line with the
specifications of Myanmar national standards as a milestone of key payment
system in Myanmar financial sector development.
The Central Bank of Myanmar is a
focal organization for promoting the payment system of the country. Therefore,
it makes concerted efforts to promote the payment system of the country,
operate the system following the international criteria, promote public
participation in financial system, ensure the financial transactions and
transfers in people’s daily lives to be done in safe and easy ways, reduce cash
use and adopt digital payment system more in the country and facilitate the
foreign currency transfers in trade, investment and tourism industry of the
country.
He continued that regarding the
payment system development in Myanmar, the Myanmar Payment Organization,
comprising of state-owned and privately-owned banks, was organized in 2011.
Then, the people used the international payment cards in addition to debit
cards and credit cards of local banks without physically holding cash. In 2016,
the Central Bank of Myanmar established the payment network system, allowing
taxpayers to pay large sums of tax via the local banks.
It also needs to create access to
financial services for the public residing in certain areas without any banking
services while the country sees high mobile phone usage. Therefore, the Central
Bank of Myanmar released laws, regulations, directives and orders for mobile
banking, internet banking, mobile financial service, mobile pay and merchant
acquiring service for up to the grassroots to be able to use digital payment
method widely, and it also allowed systematically for government payment and
small-scale payment such as electricity pay, tax, salary payment of government
employees, insurance fee collection, small loan grants and collections.
Meanwhile, there was a need for a
system that enables faster and more efficient connections between banks and
mobile financial service providers as per the objectives of the National
Payment System Strategy. Therefore, the MMQR system using the QR code as a
national level standard was developed.
He then mentioned the benefits of
MMQR in making different payments and the need to conduct public awareness
programmes on how to make payments via MMQR.
He added that the MMQR can be used in
different business sectors for payments like paying tax and electricity bills
to the government, tourism industry, salary and pension payout to government
employees, small-scale businesses, fuel stations, private hospitals, schools
and in selling commodities.
The Central Bank of Myanmar has
developed a national level standard MMQR, enabling secure and smooth
international financial transactions and remittances while keeping abreast with
other countries.
It is also a driving force to develop
the digital business infrastructure of the country. With the advancement of
technology, it needs to monitor telecom fraud while systematic arrangements are
provided.
He appreciated the collaborative
efforts of the Central Bank of Myanmar and relevant organizations in the
successful development of MMQR and urged concerned personnel to keep working
together to develop the payment system and strengthen the financial sector of
the country.
Governor of Central Bank of Myanmar
Daw Than Than Swe reported on the work processes of the national QR standard
MMQR.
After the event, she presented a gift
marking the launch of the national QR standard MMQR to the Senior General.
Afterwards, the Senior General posed
for a documentary photo alongside attendees and observed the MMQR payment
system and the booths displayed at the event.
MNA/KTZH
#TheGlobalNewLightOfMyanmar
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