MT News
Thanks to the continuous efforts to promote digital payment (i-banking, m-banking, mobile pay and mobile financial services), the digital payment sector boomed to Ks-31.666 billion in 2022, which was a 47 percent increase compared to that of 2021, Central Bank of Myanmar mentioned in the notification.
The CBM is endeavouring to improve payment service providers’ platforms providing digital transaction services across the country, secure the digital payment system and reduce the use of cash among people.
The CBM launched MMMQR Specification Version 1.0 for QR code payment in January 2019, achieving interoperability between payment systems of financial institutions through MMQR Specification Version 1.0 and stepping up to use crop-border QR code payment interoperability, the notification mentioned.
To meet the goals and objectives of the National Payment Strategy (2020-2025), National Payment System Governing Committee comprising the CBM and other ministries concerned has been formed and coordination matters are being undertaken.
With the digital payment platform growing, Currency in Circulation-CIC has declined in the State’s economy. The CIC growth has fallen to 29 percent in 2022 and 11 percent as of May 2023 from 48 percent in 2021.
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