Security upgrade on the cards for Myanmar’s digital payments

For development of Myanmar’s digital payment sector, cyber security upgrades will be carried out in accordance with international norms, say officials of the Myanmar Information Security Association (MISA) and Myanmar Payment Union (MPU).

Security for digital payment services in the country needs to be strong and it must be put in place so that the country can achieve its goal of encouraging cashless payments official of MISA and MPU said.

Earlier this month MPU signed an agreement with local digital security services company RITZ to upgrade the security of MPU cards. The MPU was founded by local banks to offer card payment systems in the country.

“If digital adoption supported by digital systems is rated on a scale of 1 to 5, Myanmar is still lower than 2. As MPU cards are for payments in kyat, they are still inconvenient for international payment interfaces.

In Singapore, their cards can also be used in Myanmar. That is because they have adopted international standards. To reach that stage, upgrading MPU’s cybersecurity is the first step and it is critical,” said MISA secretary U Mike Phone Myint.

Payments essential for daily life and changing to digital systems is a must if the country is to keep pace with progress. Maintaining the trust of users, however, is important in changing to digital payment systems and that is why MPU needs to upgrade its cybersecurity, said U Kyaw Soe Linn, patron of MISA and chief technology officer of Yoma Bank.

“It needs a test to know the security of MPU cards. If more people use them because they are a secure, reliable payment system it will help our goal of spreading the use of non-cash payments,” said MPU CEO U Kyaw Soe Linn.

“Myanmar’s digital payment systems have to implement the payment card industry data security standard (PCI Security)to keep pace with international standards, so this is what we will begin with,” said U Mike Phone Myint.

“For the improvement of the digital payment system in Myanmar, three pillars need to be strengthened – education about cybersecurity, generating more experts in the field, and implementing international standards. Once PCI Security is in place, we’ll have reached international standard,” said U Mike Phone Myint.

Source: Myanmar Times

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