Vietnam, Laos roll out cross-border QR code payment connectivity
VOV.VN - The central banks of Vietnam and Laos have launched a cross-border QR code payment system, facilitating seamless transactions between the two nations.
The official launch ceremony was held during the 47th Vietnam-Laos Intergovernmental Committee session in Vientiane, attended by Prime Minister Pham Minh Chinh and his Lao counterpart, Sonexay Siphandone.
This initiative follows collaborative efforts since 2023 between the State Bank of Vietnam and the Bank of the Lao People's Democratic Republic, facilitated by the National Payment Corporation of Vietnam (NAPAS) and the Lao National Payment Network (LAPNet), alongside the commercial banks of both nations. The system is designed to promote tourism, consumption, and people-to-people exchanges while encouraging the use of local currencies in cross-border transactions.
Customers of participating Vietnamese banks, including VietinBank, Sacombank, BIDV, Vietcombank, BVBank, Nam A Bank, and TPBank, can now scan LaoQR codes using mobile banking apps to pay for goods and services at merchants within LAPNet's network of 14 banks in Laos.
Transactions are processed in the local currencies of both countries (LAK/VND), with real-time currency conversion based on the prevailing exchange rate at the time of payment.
Looking forward, NAPAS plans to collaborate with LAPNet to introduce payment solutions for Lao residents visiting Vietnam, utilizing the VietQR system.
