Payments/MM
Myanmar
ISO MM · 3 schemes
Summary
- MMQR (Myanmar Quick Response) is the national QR standard
- MyanmarPay brand for unified QR payment switch
- EMVCo compliant specification
- 74% unbanked - QR for financial inclusion
- 98% of digital transactions via QR codes (Khan Bank)
Banking landscape
Central Bank
- Name: Central Bank of Myanmar (CBM)
- Website: https://www.cbm.gov.mm/
- Role: Monetary policy, MMQR/MyanmarPay oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | KBZ Bank | Private | KBZ Pay |
| 2 | AYA Bank | Private | AYA Pay |
| 3 | CB Bank | Private | CB Pay |
| 4 | Yoma Bank | Private | Yoma Bank App |
| 5 | UAB Bank | Private | UAB Pay |
Market Structure
- MPU: Myanmar Payment Union (domestic switch)
- Mobile wallets: Wave Money, OK$, etc.
- 74% unbanked: Major inclusion opportunity
- Digital payment switch: Payplus operator
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| MMQR | CBM | QR Standard | Active (Feb 2025) |
| MyanmarPay | Payplus | Digital switch | Active |
| MPU | Bank consortium | ATM/POS switch | Active (2012) |
MMQR Connected Services
- KBZ Pay
- AYA Pay
- Wave Money
- OK$
- CB Pay
- UAB Pay
- A+ Wallet
- CTZ Pay
- Yoma
- Trusty
- Zego
- Mpitesan
National Payment System Strategy (2020-2025)
- Foster digital banking
- Expand digital payments
- Reduce cash usage
- Interoperability mandate
QR code standards
MMQR (Myanmar Quick Response)
| Attribute | Value |
|---|---|
| Standard | EMVCo QR Code |
| Operator | Central Bank of Myanmar |
| Brand | MyanmarPay |
| Launch | February 2025 (full) |
MMQR Features
- National standardized QR code
- EMVCo specification compliant
- Interoperability across banks/wallets
- Single merchant QR for all apps
Development Timeline
- January 2019: MMQR Specification Version 1.0
- 2021: Payplus selected as switch operator
- 2022: Digital payment switch implementation began
- June 2024: SAC pushed MMQR implementation
- February 2025: MMQR system emerged fully
How MMQR Works
- Digital Payment Switch system
- Supports QR code-based payments
- Enables cross-wallet/bank transfers
- Previously siloed systems now interoperable
MPU Historical Role
- Organized by banks in 2011
- ATM and POS switching services
- Started September 2012
- NETS Group technical assistance (SGQR model)
Mobile payment apps
| App | Provider | MMQR | Users |
|---|---|---|---|
| KBZ Pay | KBZ Bank | Yes | Leading |
| AYA Pay | AYA Bank | Yes | Large |
| Wave Money | Wave | Yes | Active |
| OK$ | Ok Dollar | Yes | Growing |
| CB Pay | CB Bank | Yes | Active |
Mobile Money Dominance
- 98% of digital transactions via QR/mobile
- Khan Bank digital network largest
- Wave Money leading mobile wallet
- KBZ Pay dominant bank app
Interoperability Achievement
- Previously: Banks only within own network
- Example: Couldn't transfer KPay to AYA Pay
- Now: MMQR enables cross-platform payments
- Single QR for multiple payment apps
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| MMQR | EMV QR | CBM | 12+ apps | mmqr |
| MPU | Card switch | Consortium | Universal | — |
| MyanmarPay | Payment switch | Payplus | Active | — |
Sources
- CBM - National Payment System
- Build Myanmar - What is MMQR
- Myanmar ITV - MMQR Launch
- Payments Journal - Myanmar QR Inclusion
- MyanmarPay - QR Specification PDF
- Wikipedia - MyanmarPay
- Myanmar Gov - MMQR March Launch
- Nikkei Asia - Myanmar Unifies QR
- One News - MMQR Digital Payment
- MOI - CBM MMQR Launch
Full country report
Schemes
Standards
Primary · 1
Mentioned · 2