Draft:MyanmarPay MMQR
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MyanmarPay MMQR
[edit]MyanmarPay MMQR (Myanmar Quick Response) is a national QR code payment system launched on February 27, 2025, in Myanmar. It standardizes digital payments across banks and mobile wallets, facilitating financial inclusion and cashless transactions.[1]
Development and Launch
[edit]MyanmarPay MMQR was launched on February 27, 2025, at the MICC-1 Hall in Nay Pyi Taw, following workshops and consultations with financial and technology stakeholders.[1][2] Developed under the Central Bank of Myanmar (CBM) initiative, it is operated by PayPlus Co., Ltd.[1] The launch reflects Myanmar’s efforts to modernize its payment infrastructure, building on earlier initiatives like the Myanmar Payments Association established in 2011.[2]
Features
[edit]MyanmarPay MMQR includes the following features:
- Standardized QR Code: A universal QR code accepted across banks and mobile wallets.[1]
- Interoperability: Supports transactions between different financial providers, allowing payments with any compatible mobile wallet.[1]
- Real-Time Processing: Transactions are processed instantly with immediate confirmation.[2]
- Accessibility: Serves urban and rural areas, supporting small and medium-sized enterprises (SMEs).[1]
- Security: Uses protocols to prevent fraud and ensure transaction safety.[2]
The system currently supports customer-to-merchant payments, with person-to-person (P2P) transfers planned.[1]
Benefits
[edit]Merchants can use a single QR code to accept payments from multiple digital wallets, reducing operational complexity and costs, especially for SMEs.[1] Consumers benefit from the flexibility to use their preferred mobile wallet at participating merchants, improving convenience.[1]
Future Plans
[edit]MyanmarPay MMQR plans to expand to include utility bill payments, tax payments, and government services like salary and pension disbursements.[1] There are also plans for cross-border QR payments within the ASEAN region, enabling transactions with countries like Thailand using local currencies.[1]
Governance and Operations
[edit]The Central Bank of Myanmar oversees MyanmarPay MMQR, ensuring alignment with national financial inclusion goals and secure operations.[2] PayPlus Co., Ltd. manages the system as the designated digital payment switch operator.[1]
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