NETS inks deal with Myanmar Payment Union

The parties will co-develop a QR payment platform in Myanmar.

Payment services NETS Group has signed a memorandum of understanding (MOU) with Myanmar’s national payment network to establish a Payment Technology Exchange & Development Programme, an announcement revealed.

The first project under the programme will see NETS sharing its technical and operational knowledge around the Singapore Quick Response (SGQR) Central Repository platform with MPU, with a view to implementing a similar platform in Myanmar.

Launched in September 2018 by the Monetary Authority of Singapore and the Infocomm Media Development Authority, the SGQR is said to be the world’s first unified payment system for QR codes that combines multiple QR payment codes such as PayNow and NETS QR into a single QR code. With the consolidation of QR codes, merchants only need to display a single SGQR label instead of having multiple QR codes, cutting clutter on the store front and enabling quicker payments processing.

Myanmar’s digital payment has gradually developed with the explosive growth of mobile and internet penetration that had a major impact on its financial services sector, according to Zaw Lin Htut, CEO of MPU.