VIENTIANE (Xinhua): Laos and Vietnam have officially launched a cross-currency transaction service, connecting their cross-border retail payment systems through QR codes.
This initiative, officially launched on Thursday, aims to simplify financial transactions for tourists and support cross-border business activities between the two countries.
In the initial phase, Vietnamese citizens will be able to make payments using QR codes while in Laos. Meanwhile, Lao citizens will be able to use the QR code payment system in Vietnam in the second phase, which is expected to be completed by the end of the year, according to a report from the Lao central bank, the Bank of the Lao PDR.
The QR code cross-border payment system is part of Laos' broader strategy to enhance regional money transfers and payments with neighboring countries, including Thailand, Vietnam, Cambodia, and China.
In December 2024, Laos and China introduced a QR payment system as part of their e-banking and cross-currency transaction cooperation, allowing tourists to make cashless transactions.
In April 2024, Laos and Thailand launched a cross-border QR payment linkage to facilitate economic activities between the two countries and bolster trade, investment, and tourism.
In August 2023, Laos and Cambodia also launched a cross-border payment system that enables visitors to use their local currencies. - XInhua
