Nets to help Myanmar set up QR code network

Payments service Nets will share its QR code capabilities with Myanmar so it can set up a similar nationwide network.

The QR code system - known as the Singapore Quick Response (SGQR) Central Repository platform - allows payments by scanning on mobile devices.

The collaboration is the first project under the new payment technology exchange and development programme established by Nets and Myanmar Payment Union, Nets said yesterday.

The Nets system started last September and combines multiple QR codes from different payment schemes, such as PayNow and Nets QR, into a single code.

Consolidating QR codes allows merchants to display only one SGQR label instead of multiple ones, and so cuts clutter on the store front and enables faster payment processing, said Nets, which owns and operates the SGQR platform.

Myanmar Payment Union will deploy a standardised payment system with a single QR label under the guidance of its central bank, domestic banks, wallet providers and mobile network operators.

Chief executive Zaw Lin Htut said: "Myanmar's digital payment has gradually developed with the explosive growth of mobile and Internet penetration that leads to a major impact on our financial services sector.

"The QR code payment technology is the best way to make easier payment and a convenient way to access the financial services for the people in Myanmar."

A version of this article appeared in the print edition of The Straits Times on April 30, 2019, with the headline 'Nets to help Myanmar set up QR code network'. Print Edition | Subscribe