Recently, the National Payment Corporation of Vietnam (Napas) and the Lao National Payment Network Corporation (LAPNet) have connected to deploy a bilateral retail payment service using quick response (QR) codes between Vietnam and Laos. To date, the service is ready to provide to customers of 7 Vietnamese banks and 14 Lao banks.

Accordingly, customers use the electronic banking application (mobile banking app) of commercial banks including: Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank and Nam A Bank to scan LaoQR to pay for goods and services at payment acceptance points of 14 banks in the LAPNet member network.

Transactions will be made in the local currencies of the two countries (LAK/VND) and converted directly at the exchange rate at the time of payment, thereby bringing many benefits as well as a seamless, fast and convenient payment experience to customers.

Payment in Laos.jpg
The announcement ceremony was attended by Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone. Photo: Napas

Emphasizing the significance of the official implementation of the cross-border payment method using QR codes between Vietnam and Laos, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said: "The efforts of the Central Bank and the banking systems of the two countries to promote local currency cooperation in recent times will contribute to creating new momentum in trade and investment cooperation between the two countries, making positive contributions to the special friendship and solidarity between Vietnam and Laos."

In the coming time, Napas will continue to coordinate with LAPNet to implement payments for Lao people when traveling to Vietnam by scanning VietQR codes; at the same time, expand the number of member banks participating in the service provision to meet the payment needs of people of the two countries.