Digital Payment Switch: National Payment Switch (MMQR) introduced

The Central Bank of Myanmar organized a knowledge-sharing event on Monday at The Eravati Sule Grand Yangon, located at No. 14, Strand Road, Kyauktada Township, Yangon, to explain the functionality of the Digital Payment Switch, which allows the interconnection of various digital payment systems through the use of MMQR (Myanmar Quick Response), a National-Level Standard currently being implemented.

During the opening speech, the Governor of the Central Bank of Myanmar discussed the establishment of the country's National Payment Switch and the use of MMQR for different payment systems. He emphasized that this initiative would allow multiple separate payment platforms to be accessed through a single QR code, thus creating a secure and capable payment system that can interconnect all mobile wallets.

This would also reduce the use of cash and allow travelers from abroad to use MMQR within the country without needing to carry cash. She further mentioned the ongoing efforts to connect with ASEAN and regional countries for cross-border use.

Additionally, the system operator, PayPlus Co., Ltd. demonstrated the stages of operation of the Digital Payment Switch (MMQR) and explained the benefits of MMQR for business owners, key points to be aware of, and dos and don’ts when using the system. Representatives also addressed questions from the business community and attendees regarding the MMQR system.