Enable connectivity and interoperability real-time payment between Financial Institutions and wallets for government services
Enable interoperability real-time Person to Person payment transactions with QR
Enable connectivity and interoperability real-time payment between Financial Institutions and wallets for government services
Enable interoperable real-time national payment switch across countries
System storing details of merchants acquired by participants of the Digital Payment Switch, acting as the central source for merchant info in QR generation
Distributed QR code generation
Consumer on-boarding: Static Token linked to consumer's Unique ID for mapping the consumer’s ID with account information
Real-time Fraud Detection, Monitoring, and Prevention for suspicious patterns across transactions
Marker Ecosystem Analysis
The reconciliation and daily settlement will be done via CSM Net
(a) Develop P2M transaction processing infrastructure in the Digital Payment Switch
(b) Integrate with CBM Net 2 for local settlement between industry participants
(c) Publish Myanmar QR EMVCO Standards and Certification Process
(d) Set up Myanmar Pay Repository for Merchant Information
(e) Publish Phase 1 fees and interchange structure for Myanmar Pay (P2M)
(f) Define scope of live market Pilot for Phase 1
MyanmarPay allows merchants and consumers to experience fast, secure, and convenient bill payments through QR code technology. Transactions are encrypted for maximum security, reducing the risk of fraud and ensuring peace of mind for both businesses and customers. We will gather feedback to refine the system for a wider rollout, making digital payments smoother and safer for everyone in Myanmar.
MyanmarPay is committed the digital transformation of payment systems for public services by working closely with government agencies and financial institutions. By forging strategic partnerships and obtaining the necessary approvals, we aim to integrate our QR code payment capabilities with government billing platforms. This will create a secure and user-friendly payment experience for citizens, streamlining access to essential services.
MyanmarPay QR Code is developing a comprehensive P2P transaction processing infrastructure within our Digital Payment Switch to enable fast, secure, and seamless P2P transfers. We are also establishing the MyanmarPay Repository, allowing users to conduct P2P transfers using mobile numbers or other unique IDs. This system will simplify payments and enhance accessibility, making everyday transactions, such as bill payments, more efficient and secure for all users.
MyanmarPay aims to enhance cross-border payment capabilities by integrating with significant corridors that streamline international transactions. Our integration strategy prioritizes establishing effective currency settlement processes to accommodate a variety of use cases, including person-to-merchant (P2M), person-to-person (P2P), and business-to-business (B2B) payments. To achieve this, we are implementing a phased integration plan focused on key markets, ensuring that we can address the diverse needs of our users while expanding our reach within the global payment ecosystem.
This is a groundbreaking development as it unifies the country's diverse financial landscape onto a common platform, bringing us all together in the digital area.
