NETS Group partners Myanmar Payment Union

The NETS Group has signed a memorandum of understanding (MoU) with Myanmar’s national payment network Myanmar Payment Union or MPU to establish a Payment Technology Exchange & Development Programme.

Source: From left: Zaw Lin Htut, HE U Bo Bo Nge, Deputy Governor, Central Bank of Myanmar; and Goh.

Under the guidance of the Central Bank of Myanmar MPU is going to deploy the Myanmar quick response code (MMQR) which will only require a single QR label and supports interoperability with member banks, wallet providers and mobile network operators (MNOs).

The first project under the programme will see NETS sharing its technical and operational knowledge around the Singapore Quick Response (SGQR) Central Repository platform with MPU with a view to implementing the MMQR as a similar platform in Myanmar.

Launched in September 2018 by the Monetary Authority of Singapore and the Infocomm Media Development Authority, the Singapore Quick Response Code (SGQR) is the world’s first unified payment system for QR codes that combines multiple QR payment codes such as PayNow and NETS QR into a single QR code. With the consolidation of QR codes, merchants only need to display a single SGQR label instead of having multiple QR codes, cutting clutter on the store front and enabling quicker payments processing.

The NETS Group owns and operates the SGQR Central Repository platform which provides an onboarding solution to enable these multiple QR codes from difference payment schemes to be consolidated under a single SGQR label.

Jeffrey Goh, NETS Group CEO said, “Myanmar’s financial services sector is at the cusp of accelerated growth as a result of the government’s recent liberalisation of the banking industry. We are privileged to be able to share our experience and knowledge with MPU as they roll out innovative services to help grow the financial services sector into a key pillar of their economy.”

Zaw Lin Htut, CEO of MPU said, “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 (especially unbanked) in Myanmar and we are very pleased to work with the NETS Group – a leading payment service provider in Singapore - for sharing their technical expertise and operational knowledge with us.”

MPU aims to transform the cash-based payments into digital payments by sharing resources and creating interoperability between its 28 member banks. MPU processes both debit and credit cards, which are issued by member banks, to withdraw cash at the banks’ ATMs, and to make payment at their merchants' POS devices and e-commerce channels. There are currently 6.5 million MPU card users.

The organisation is upgrading its switching technology with Fidelity that enable to offer the new services like interbank funds transfers and mobile wallet interoperability.