MyanmarPay
 | |
| Product type | Instant real-time inter-bank and inter-mobile payment system |
|---|---|
| Owner | Central Bank of Myanmar |
| Produced by | Central Bank of Myanmar |
| Country | Myanmar |
| Introduced | 27 February 2025 |
| Markets | Myanmar |
| Website | www |
MMQR (Myanmar Quick Response), branded MyanmarPay, is the national standardised QR code payment system in Myanmar. Introduced by the Central Bank of Myanmar (CBM), MMQR aims to unify and streamline the country's digital payment landscape, and to reduce reliance on cash transactions.[1] It facilitates interoperability between various banks and mobile financial service providers, enabling seamless and secure payments through a single QR code, powered by the EMVCo standard.[1][2]
History
[edit]Prior to the introduction of MMQR, Myanmar's digital payment ecosystem was fragmented, with different banks and mobile wallets operating on their own proprietary QR code systems. This often required users to maintain multiple accounts and businesses to manage various payment acceptance methods, leading to inconvenience and inefficiency.[1]
The Central Bank of Myanmar recognized the need for a unified national standard to modernise the country's financial system and align it with international practices. The development of MMQR was a key component of Myanmar's National Payment System Strategy (2020-2025), which aims to foster digital banking, expand digital payments, and reduce cash usage.
In January 2019, the Central Bank initially launched the MMQR Specification Version 1.0 for QR code payment, laying the groundwork for interoperability.[3] In 2021, the Central Bank of Myanmar selected Payplus as the digital payment switch operator for MyanmarPay. Implementation of the digital payment switch for MyanmarPay began in 2022. MMQR was officially launched on 27 February 2025.[4][1]
References
[edit]- ^ a b c d MYANMORE (2025-03-05). "Myanmar Unveils MMQR Code: A Leap Toward a Digital Economy". MYANMORE. Retrieved 2025-05-30.
- ^ "Digital Payment Switch MMQR". Wave Money Myanmar. Retrieved 2025-05-30.
- ^ "CBM eyes digital payment growth". Global New Light Of Myanmar. 2023-07-16. Retrieved 2025-05-30.
- ^ "MMQR to improve financial services of Myanmar". Global New Light Of Myanmar. 2025-03-06. Retrieved 2025-05-30.
