17 July 2024

On 12 June 2024, the Central Bank of Myanmar (“CBM”) issued Letter No. CBM 1/107 (939/2024) (“Letter”) revising limits on digital payment transactions. The Letter was addressed to banks that provide mobile banking and internet banking services and to banks and businesses that provide mobile payment services.

The Letter announces that CBM has formulated and implemented policies to promote the use of digital payment services among the public, enhance the integration of non-cash payments and various payment systems, and contribute to Myanmar’s economy. CBM informs that the revision of digital payment transaction limits is part of its plan to develop a secure, stable, efficient, competitive, and inclusive payment and settlement system.

The revised digital payment limits announced in the Letter came into effect on its issuance.

Revised transaction limits

CBM has revised the transaction limits for both government and private payments made through digital payment systems as set out below.

No

Digital payment activity

Transaction limit

1       

Individual-to-individual (“P2P”) payments

Up to MMK10 million per transaction with a maximum of MMK50 million per day

2       

Individual-to-merchant payments

Up to MMK100 million per day specified businesses including gold shops, electronic stores, construction material stores, and healthcare centres

3       

Mobile money accounts

Maximum balance of MMK100 million

Account must be linked to a bank account where the balance exceeds MMK100 million with the excess transferred to the bank account on a daily basis

4       

P2P payments; government payments

To be made via the CBM Financial Network System (“CBM-NET”) automated clearing house (“ACH”)

5       

Payments exceeding MMK100 million

To be made via CBM-NET


The Letter notes that banks and their clients must ensure that there are sufficient funds to allow for 24-hour use of CBM-NET’s ACH function.