CBM Governor inspects MyanmarPay pilot testing operations ahead of Go-Live launch in December

 

October 16

 

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