CBM introduces Digital Payment Switch system to reduce cash use
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Khit/Myo Gyi (NP News) – May 16
The Central Bank of Myanmar (CBM) has introduced the Digital Payment Switch by using the Myanmar Quick Respond – MMQR within which the payment systems can be interconnected.
The introduction event was held on May 15 in Naypyidaw by the Central Bank. The system is projected to launch within this year.
The relevant representatives from banks and mobile payment organizations, relevant officials from foreign sub-banks and the Governor of the CBM Than Than Swe attended the event, according to the statement released by the State Administration Council (SAC).
The CBM has already implemented the CBM-NET for inter-banking payment and Myanmar Payment Unit (MPU).
The Governor Than Than Swe informed that the CBM is processing to activate the Digital Payment Switch in order to enable retail payments to be made digitally using QR Codes.
The Digital Payment Switch is expected to provide secure and efficient payment system and the e-wallets will be connected to each other in making payments which will be helping to lessen the cash payment.