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 

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