CBM to launch Digital Payment Switch

CBM to launch Digital Payment Switch

THE Central Bank of Myanmar (CBM) conducted a workshop on launching Digital Payment Switch using CBM’s MMQR (Myanmar Quick Response) to the financial industry in Nay Pyi Taw yesterday.

During the event, CBM Governor Daw Than Than Swe said the CBM developed the CBM-NET for large payments between the banks in accordance with the Myanmar National Payment System Strategy 2020-2025 and Myanmar Payment Union-MPU, and would introduce the Digital Payment Switch that can ensure real-time retail payment by using QR Code this year.

She then talked about the advantages of the Digital Payment Switch, preparations of the industry, interoperability for Digital Payment, updated version of MMQR Specification (new version) for cross-border payment by using QR Code, Digital Payment Switch Network Readiness of participants to connect Digital Payment Switch and Timeline for Digital Payment Switch.

If the Digital Payment Switch is implemented, it can create a safe and transparent payment system. It can also reduce the use of cash as it can connect any mobile wallet, develop the legal currency flow framework to prevent using digital payment for illegal cross-border payment like Hundi, ensure fast currency flow in the economic system, support the country’s economy, supervise the payment system of the country, strengthen the Financial Inclusion and facilitate the delayed payment in the business sector.

MNA/KTZH