Singapore NETS (Network for Electronic Transfers Singapore) Group has worked with Myanmar’s national payment network to develop a two-dimensional code payment technology in Myanmar.
The development of joint payment technology exchange and development plan will be the first step in the cooperation between the two sides.
Under the plan, the NETS group will share SGQR Central SGQR technology with the Myanmar Payment Alliance (Myanmar Payment Union,mpu) with the aim of building a similar platform within Myanmar.
September 2018, the Finance authority of Singapore (Monetary) and the information and Communication Media Development Board Authority) launched the Singapore Rapid Response Code (SGQR). SGQR is a payment system, which can integrate the payment qr codes of PayNow, NETS and other payment institutions into a unified qr code.
That way, merchants will only need to display one SGQR code instead of lining up all the institutions’ qr codes on the counter, which will help them reduce store clutter and speed up the payment process.
The SGQR central repository platform, owned and operated by the NETS Group, provides an online solution that integrates multiple QR codes from different payment systems into a unified SGQR code.
“Thanks to the government’s recent liberalisation reform of the banking sector, Myanmar’s financial services industry is at an accelerated stage of growth. The Burmese Payments Alliance is launching its innovative services to help the financial services industry grow into a key pillar of Myanmar’s economy, and we are delighted to be a part of it, “said Jeffrey Goh, CEO of the NETS group Jeffrey Goh.
“QR Code payment technology is the best means of simplifying the payment process and a convenient way for people in Myanmar, especially those without bank accounts, to access financial services,” said Zaw Lin Htut, CEO of the Burmese Payment alliance. ” The NETS Group is Singapore’s premier payment service provider and we are delighted to work with them. ”