Nets, Myanmars national payment network to co-develop QR code system

Thursday 2 May 2019 14:27 CET | News

Nets has announced it will share its knowledge on Singapore’s unified digital payment system for QR codes with Myanmar’s national payment network.

By sharing its technical and operational knowledge about the payment system – the Singapore Quick Response (SGQR) Central Repository platform –, Nets intends to implement a similar platform in Myanmar.

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-based payments services group said in a media statement.

The SGQR system combines multiple QR payment codes from different payment schemes such as PayNow and Nets QR into a single code, and it 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, enabling quicker payments processing as well. 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.

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Keywords: Nets, Myanmar, national payment network, QR code, Singapore, digital payment, SGQR
Countries: World