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.
Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing delivered an address as mentioned above at the launching ceremony of the national QR standard MMQR held at Jade Hall of the Myanmar International Convention Centre (MICC I) in Nay Pyi Taw yesterday.
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
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