PayPlus

MyanmarPay

The MyanmarPay (Myanmar payment via QR code) will provide easy digital payments to every person and business in Myanmar, through their choice of bank or wallet. For the first time in the country, we will be unified through a common digital payments platform, transacting easily with just our mobile devices. MyanmarPay will allow everyone to have the same quality of financial  services in every part of the country, and to trade and transact seamlessly. It is a key step in modernising Myanmar’s financial sector and will drive growth and convenience for the country. MyanmarPay is owned and regulated by the Central Bank of Myanmar and operated by PayPlus Co., Ltd. MyanmarPay plays a crucial role for the improvement of Myanmar’s Digital Payment Ecosystems.

Clear Benefits of Standardized National QR Solution

Financial Inclusion

  • QR as basic payments infrastructure that reaches the smallest merchant
  • Merchants who receive cashless payments can also use less cash

Digitisation of Key Services

  • Low cost way to digitize payments for government services
  • Single standard supports consumer, business and government payments

Financial Inclusive

  • QR code can contain info to support reporting and third party services
  • Productivity, GST, business tax, credit for small merchants

Micro – merchants Enabled small merchants and taxi drivers in Myanmar

Bill Payment

Utility bill payments in Myanmar

Delivery payments QR code printed on delivery slip, launched in Myanmar QR payments to delivery apps

Clear Benefits of MyanmarPay

Benefits for Merchant

Increased Convenience

  • Cashless transactions enable merchants to accept payments without physical cash or card transactions, streamlining cash handling and management.
  • Mobile payment options offer customers a faster and more convenient payment process through their mobile phones.

Lesser Accounts to Manage

  • National QR enables merchants to accept digital payments without the need for multiple bank or wallet accounts.

Increase Sales and Customers Reach with National QR

  • Allows merchants to access a wider customer base from various financial institutes, irrespective of whether they align with their bank or wallet provider accounts.
  • Enables small merchants to embrace digital payments, expanding their customer reach beyond traditional point-of-sale transactions based on business size.

Streamlined Payment Processing

  • National QR facilitates fast transaction processing, ensuring quicker payment settlements.
  • Businesses benefit from prompt fund transfers to their accounts, enhancing cash flow by minimizing the waiting time associated with traditional payment methods.

CBM Support

  • National digital platforms supported by CBM aim to promote digital financial inclusion and reduce cash usage.
  • These initiatives organize campaigns to encourage merchants and consumers to adopt the platforms, generating increased exposure and support for participating businesses.

Benefits for Public

Increased Convenience

  • National QR enables end-users to make quick and easy payments using their mobile phones, eliminating the need for cash or card transactions.
  • Users can conveniently pay for goods and services, anytime, anywhere, without the hassle of carrying cash or relying on ATM availability.

Increase Financial Inclusion

  • National digital payment platforms offer a digital payment option, particularly beneficial for individuals without access to traditional banking services.
  • Users can send and receive money using just their mobile phone number, making it accessible to a diverse population, including the unbanked.

Faster and More Efficient Payment Processing

  • National QR enables quick transaction processing, helping users to avoid waiting times associated with traditional payment methods, especially for urgent or time-sensitive transactions.

Enhanced Security

  • National QR reduces risks of carrying cash, minimizes fraudulent transactions, and provides users with peace of mind.

Benefits for National Level

Digital and Financial Inclusion

  • Transforming financial infrastructure and driving nationwide digital payment rollout to position Myanmar as an economic force, foster a cashless economy, and support SMEs and the unbanked population.

Digital Payment Usage Improvement

  • The digital payment system enables seamless transfer of funds between financial institutions, enhancing MMK transaction efficiency.
  • By enabling seamless flow of MMK between institutions, the digital payment system promotes and enhances the utilization of digital MMK.

The Door to Cross-Border Economy in SEA Regions

  • Myanmar's preparation for connecting to the new Cross Border account payment network between ASEAN countries necessitates the implementation of a new Digital Payment Switch, marking the initial milestone in this transformative journey.