ASIATODAY.ID, JAKARTA – Laos and Thailand launched cross-border QR payments on Wednesday, April 3 2024, aimed at promoting innovation and access to financial services for the benefit of their people.
At the launch event, Bank of Laos Governor Bounleua Sinxayvoravong said the implementation of cross-border QR payments is an important step in the development of Laos’ financial industry as Thailand is the country’s number one trading partner.
He said that cross-border QR not only facilitates cross-border financial transactions, especially by micro, small and medium enterprises and consumers, in a safe, effective and cost-effective manner, but also helps workers working in both countries.
Cross-border workers can easily transfer money back to their respective home countries. This also includes the aim of promoting non-cash payments in society and trade between the two countries.
Apart from Thailand, Laos also has cross-border QR code payment cooperation with Cambodia.
Other ASEAN countries that have recently launched cross-border QR payment links are Vietnam and Cambodia. The launch, which took place on December 5 2023, allows people to scan QR to make payments in their respective countries using local currency.
The new payment system aims to facilitate safe, convenient, secure and affordable cross-border payments, as well as promote the use of local currencies.
This is expected to provide special benefits to Cambodian and Vietnamese citizens, especially tourists and traders. (VNA)
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