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Laos and Vietnam Launch Cross-Border QR Code Payment System

cross-border QR code payment Laos Vietnam, Laos Vietnam QR payment system, local currency payment system ASEAN, Laos Vietnam seamless transactions, Lao Kip to Vietnamese Dong payments, QR code payment for tourists Laos Vietnam, Laos Vietnam financial integration, cross-border trade payments in Laos Vietnam, ASEAN local currency payment innovation.

In a significant move to bolster economic ties and enhance financial convenience, Laos and Vietnam have officially launched a cross-border QR code payment system. This initiative marks a major milestone in regional financial integration, promoting seamless transactions and economic cooperation between the two nations.


What Is the Cross-Border QR Code Payment System?

The newly introduced system enables consumers and businesses in Laos and Vietnam to conduct payments in their local currencies—Lao Kip (LAK) and Vietnamese Dong (VND)—using QR code technology. By eliminating the need for currency exchange, this initiative provides a straightforward and efficient payment experience for users in both countries.


How Does It Work?

This project is a collaborative effort between the Lao National Payment Network Company Limited (LAPNet) and the Vietnam National Payment Corporation (NAPAS). In its initial phase, the system involves 13 Lao banks and 9 Vietnamese banks, creating an extensive network for users. Customers can simply use their mobile banking applications to scan QR codes for payments, ensuring a seamless and user-friendly process.


Participating Banks

Lao Banks:

  • Banque Pour Le Commerce Exterieur Lao Public (BCEL)
  • Agricultural Promotion Bank (APB)
  • Joint Development Bank (JDB)
  • Lao Viet Bank (LVB)
  • ST Bank (STB)
  • VietinBank
  • Sacombank
  • Lao Development Bank (LDB)
  • Phongsavanh Bank
  • Indochina Bank
  • ACLEDA Bank
  • MB Bank

Vietnamese Banks:

  • Nam A Bank
  • TPBank
  • VietinBank
  • Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
  • Vietcombank
  • Sacombank
  • Ban Viet Bank (BV)

Key Benefits of the System

  1. Convenience for Tourists: Vietnamese tourists in Laos can now use their domestic banking apps to pay for goods and services via QR codes, and vice versa for Lao travelers in Vietnam. This eliminates the hassle of currency exchange, making cross-border travel smoother and more enjoyable.
  2. Lower Costs and Enhanced Financial Stability: By enabling transactions in local currencies, the system reduces reliance on foreign currencies, cuts down transaction fees, and enhances financial stability for both nations.
  3. Support for Trade and Business: Businesses stand to benefit significantly from the simplified payment process, which promotes cross-border trade and economic collaboration.

Implications for Regional Integration

The launch of this QR payment system aligns with the broader ASEAN trend of using local currencies for trade. It strengthens regional economic resilience and sets a precedent for similar integrations with other neighboring countries, including Thailand and Cambodia. This initiative demonstrates Laos and Vietnam’s commitment to modernizing their financial infrastructure and enhancing regional cooperation.


Conclusion

The cross-border QR code payment system is a game-changer for both countries, offering unparalleled convenience for tourists, cost savings for businesses, and a stronger financial foundation for economic growth. As Laos and Vietnam continue to deepen their economic ties, this initiative is a promising step toward greater regional financial integration.


References

  1. https://laotiantimes.com/2025/01/10/laos-vietnam-launch-cross-border-qr-code-payment-system
  2. https://laotiantimes.com/2024/08/28/laos-vietnam-to-introduce-kip-dong-cross-border-payment-system
  3. https://laotiantimes.com/2024/06/18/laos-vietnam-to-launch-cross-border-qr-payment-service-in-august

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