CBM extends WeChat Pay pilot phase by three months

The pilot phase for the use of the WeChat Pay service in Myanmar has been extended for a second three-month period, Central Bank of Myanmar (CBM) director general Daw Myint Myint Kyi said.

The pilot phase began in February when the CBM approved the request of Paypb Co Ltd for the use of the WeChat Pay service by Chinese tourists in several locations. Daw Myint Myint Kyi told The Myanmar Times the central bank needed more time to study how the payments worked and allowed the extension.

She said the CBM also allowed the second transaction because it wanted to ensure that money spent by foreigners would pass officially through local banks as Chinese tourists have been using WeChat Pay and Alipay mostly for paying hotel rooms, buying souvenirs and meals in restaurants around Mandalay even before the central bank gave permission.

Daw Myint Myint Kyi said some shops in Yangon’s Bogyoke Aung San Market have been accepting payments through either WeChat Pay and Alipay. She noted that there was a need to monitor the flow of these payments, especially for gems bought from Chinese-owned shops.

The same number of locations, 14, including certain shops at Mandalay Airport and downtown Yangon, were allowed the use of WeChat Pay for transactions. This second extension will expire in late August.

Paypb managing director U Sithu Phyo was unavailable for comment when The Myanmar Times contacted him.

Source: Myanmar Times

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