Myanmar, India to deepen payment system interoperability

TO make digital payment systems between Myanmar and India faster and more convenient, the Reserve Bank of India (RBI), the Nation­al Payments Corporation of India (NPCI), the Central Bank of Myan­mar MMQR Consortium, and the Myanmar Payment Union (MPU) are collaborating to enable inter­operability between India’s UPI QR and RuPay systems and Myanmar’s MMQR infrastructure.

Central Bank of Myanmar Gov­ernor Dr Khin Naing Oo and Indian Ambassador Mr Abhay Thakur met and discussed in detail the estab­lishment of a bilateral currency arrangement between the Indian rupee and Myanmar kyat. The dis­cussion also included the effective measures to promote the current Indian rupee-Myanmar kyat direct payment system for trade and in­vestment.

Currently, the RBI and CBM are drafting the Bilateral Currency Swap Arrangement to promote bi­lateral trade and investment.

Myanmar’s uab Bank and CB Bank, alongside India’s Punjab Na­tional Bank, have been designated to process rupee-kyat trade payments.

The direct rupee-kyat payment system was launched in 2024. The system has helped reduce currency exchange costs and has significantly facilitated not only border trade but also normal trade activities between the two countries. The proposed Currency Swap Arrangement cur­rently under discussion is expected to become another important step toward boosting bilateral trade and economic cooperation between My­anmar and India. — ASH/KTZH