Laos, Thailand launch cross-border QR payment

April 04, 2024 | 15:38

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Laos and Thailand launched cross-border QR payment linkage on April 3, aiming to promote innovation and access to financial services for the benefit of their people.

Laos, Thailand launch cross-border QR payment

Laos and Thailand launch the cross-border QR payment linkage at a ceremony held in northern Laos' Luang Prabang province on April 3 (Photo: VNA)

Vientiane – Laos and Thailand launched cross-border QR payment linkage on April 3, aiming to promote innovation and access to financial services for the benefit of their people.

Addressing the launching event, Governor of the Bank of Laos Bounleua Sinxayvoravong said the implementation of cross-border QR payment is an important step in the development of Lao financial industry because Thailand is the country’s No 1 trading partner.

It not only facilitates cross-border financial transactions, especially by micro, small and medium enterprises (MSMEs) and consumers, in a safe, effective and cost-attractive manner, but also helps labourers working in the two countries easily transfer money back home, and promote cashless payment in society and trade between the two countries, he continued.

Besides Thailand, Laos also has cross-border QR code payment cooperation with Cambodia.

Vietnam, Cambodia launch cross-border QR payment link

Vietnam and Cambodia have officially launched a bilateral cross-border QR payment link, allowing their peoples to scan QR codes to make payments in each other’s country using their local currency.

Japan, ASEAN to integrate QR code payments from 2025

Japan and the Association of Southeast Asian Nations (ASEAN) countries will integrate QR code payments from 2025, aiming to facilitate spending between these countries without the need to exchange currency, which is time-consuming, especially for tourists, according to Japan’s Ministry of Economy, Trade and Industry (METI).

By VNA

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