NETS announced that it has signed a Memorandum of Understanding (MOU) with Myanmar’s national payment network to establish a Payment Technology Exchange & Development Programme.
Bridging Our Financial Landscape
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 Singapore Quick Response Code (SGQR) is 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. The NETS Group owns and operates the SGQR Central Repository platform which provides an onboarding solution to enable these multiple QR codes from difference payment schemes to be consolidated under a single SGQR label.
