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Nets, Myanmar’s national payment network to co-develop QR code system
NETS will share with Myanmar’s national payment network its technical and operational knowledge on Singapore’s unified e-payment system for QR codes - the Singapore Quick Response (SGQR) Central Repository platform, with the intention of implementing a similar platform in the South-east Asian country.
This is the first project under the new payment technology exchange and development programme established by Nets and Myanmar Payment Union (MPU). Both parties have signed a memorandum of understanding for the programme, the Singapore payments services group said in a media statement on Monday.
The SGQR system combines multiple QR payment codes from different payment schemes such as PayNow and Nets QR into a single code, and was launched in September 2018 by the Monetary Authority of Singapore and the Infocomm Media Development Authority.
This consolidation of QR codes allows merchants to display only one SGQR label instead of multiple ones, cutting clutter on the store front and enabling quicker payments processing, said Nets.
The group owns and operates the SGQR Central Repository platform.
MPU will deploy a standardised national payment system with a single QR label for Myanmar, under the guidance of the Central Bank of Myanmar and in cooperation with MPU domestic member banks, wallet providers and mobile network operators.
Said Zaw Lin Htut, MPU’s chief executive officer: “Myanmar’s digital payment has gradually developed with the explosive growth of mobile and Internet penetration that lead a major impact to our financial services sector.”
“The QR code payment technology is the best way to make easier payment and a convenient way to access the financial services for the people in Myanmar,” he added.