Laos, Thailand launch cross-border QR payment

- Thursday, 04/04/2024, 08:25

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.

Laos, Thailand launch cross-border QR payment -0
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)

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./.