CBM launches national QR standard MMQR for secure transactions
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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