HANOI: The State Bank of Vietnam and the Bank of the Lao People’s Democratic Republic held a ceremony to announce bilateral retail payment services using QR codes between both countries.
Under the direction of the central banks, the National Payment Corporation of Vietnam (Napas) and the Lao National Payment Network (LAPNet) have connected and implemented the bilateral retail payment service using QR codes.
The service is now available to customers of seven Vietnamese banks and 14 Laotian banks.
In the first phase, it is applied to Vietnamese customers paying by QR code in Laos.
Customers can use the mobile banking apps of participating commercial banks, including Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank and Nam A Bank to scan LaoQR codes at payment acceptance points of 14 LAPNet member banks.
Transactions are conducted in the local currencies of both nations and directly converted at the prevailing exchange rate at the time of payment.
It ensures seamless, fast and convenient payment experiences for customers.
This milestone event demonstrates the effective cooperation between the central banks and banking systems of both countries in the fields of currency and payments.
It also significantly supports economic, trade and investment collaboration and fosters stronger ties between the people of Vietnam and Laos.
Looking ahead, Napas plans to collaborate further with LAPNet to enable Laotian residents to use VietQR codes for payments in Vietnam.
It also aims to expand the service to additional member banks to meet the growing payment needs of citizens in both countries.
Napas has been designated as the coordinator for facilitating cross-border payment connections between Vietnam and other countries in the region.
It has established cross-border QR code payment services with Thailand, Cambodia and Laos.
This service is expected to be expanded to other countries including China, South Korea and Japan. — Viet Nam News/ANN
