CBM reauthorizes licensing of clearing services to use QR Code payments

The Central Bank of Myanmar announced on 12 July that licences are being granted to clearing services that allow the public to easily use QR Code payments in areas that are inaccessible to bank services.
It is said that the licence for clearing services was granted to allow the public to easily use QR Code payments and to act as an intermediary in the payment process between the seller and the buyer.
The CBM has been working to expand the network of banks in districts and townships, in cooperation with the banks, to make digital payments accessible to unbanked areas and sectors.
A clearing service licence has been granted to Nature Link Pay Co Ltd (brand name: Trusty E-Commerce), Zego Pay Co Ltd (brand name: Zego Money), and Internet Wallet Myanmar Ltd (brand name: OK$) in February, and Universal Pay Co Ltd (brand name: Unipay) in compliance with the terms and conditions of the licence on 10 July, according to the statement of the CBM.
Digital payments will be widely available in places, regions, various strata, and various areas where there are no banking services, and the use of cash will also be reduced. — TWA/CT