Central Bank of Myanmar (CBM) has developed a national QR standard MMQR, finally, to enable secure and smooth international financial transactions and remittances while keeping abreast with other countries. The plan was already in place since 2017, but the road to successful implementation requires more time than the initial projections, to say the least.
With MMQRs, retailers do not have to have different pay/wallet arrangements with different providers and consumers can pay across different wallet platforms, making the use of digital money and wallets much easier than the current arrangement of the users having to open every single pay on their phones to actually use digital money effectively. It would also help develop the digital business infrastructure of the country. With the advancement of technology, CBM also needs to monitor online and digital money fraud while the new arrangements are provided.
