Central Bank Extends WeChat Pay for Three Months

Source : Myanmar Business Today
View Count : 838
Aug 13, 2019

China’s WeChat Pay was introduced to Myanmar earlier this year. Now, Central Bank of Myanmar has decided to extand the license period of the digital payment service for the next three months.

In May local companies Paypb and QFPay received approval to provide payment services at Tadaroo Airport located in Mandalay, additionally 12 other locations in Yangon received approval, the locations include select restaurants, coffee shops and hotels.

“We decided to extend the period for another three-months. During the trial period, we have been auditing the service. We will decide whether we should extend to other places after this three-month period,” said Daw Myint Myint Kyi, Director General of General Accounts Department of Central Bank.

Central Bank decided to allow the WeChat Pay service for a three-month trial period in order to make payments easier Chinese citizens.

WeChat Pay allows users to make payments by simply scanning the QR code on the smartphone. WeChat Pay opened an account at KBZ Bank and plans to extend the service by connecting with Thailand’s PromptPay and Singapore’s NETSPay as well as other local mobile payment companies.

Paypb company registered its WeChat Pay system at the Central Bank of Myanmar in February in 2019.

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