Thai-Laos QR Payments: Boosting Tourism and Cross-Border Trade
The Thai and Laotian central banks, Bank of Thailand (BoT) and Bank of Lao (BoL), have launched a new QR payment system to facilitate electronic transactions between the two countries.
This collaboration is expected to boost tourist spending on both sides of the border during the upcoming Songkran and Lao New Year festivals, as Laotian visitors will be able to use their mobile phones to scan and pay with Thai PromptPay QR codes for goods and services in Thailand.
The agreement aims to stimulate the economic situation in the second quarter of the year.
A new service allowing Thai mobile banking users to pay for goods and services in Laos using QR codes was announced, with the second phase set to begin at the end of June.
This is expected to increase spending, particularly in Nong Khai province in Thailand and Vientiane in Laos, and will also benefit other provinces with heavy Laotian traffic.
The cooperation between the Bank of Thailand and Laos aims to boost trade, investment, tourism, and the use of local currencies under the Asean Payment Connectivity initiative.
The service has been available since April 3.
The central bank governors of Thailand and Laos announced the sixth cross-border real-time payment linkage under the Asean Payment Connectivity initiative.
The collaboration between Thailand's BoT and Laos' BoL aims to provide safer, more efficient, and cost-effective QR payment services in Asean.
This is believed to promote economic growth in the region and support the transition towards a digital society.
Both governors expressed a shared vision for regional integration, economic development, and prosperity.
The text describes an initiative involving multiple parties to establish instant payment systems and cross-border settlements in Laos.
The National ITMX Co and LAPNet are leading the instant payment systems, while Kasikorn Bank and BCEL handle cross-border settlements.
Six Laotian banks have already joined, and Krungthai Bank and Bank of Ayudhya from Thailand will provide QR payment services in the second phase.
The agreement aims to stimulate the economic situation in the second quarter of the year.
A new service allowing Thai mobile banking users to pay for goods and services in Laos using QR codes was announced, with the second phase set to begin at the end of June.
This is expected to increase spending, particularly in Nong Khai province in Thailand and Vientiane in Laos, and will also benefit other provinces with heavy Laotian traffic.
The cooperation between the Bank of Thailand and Laos aims to boost trade, investment, tourism, and the use of local currencies under the Asean Payment Connectivity initiative.
The service has been available since April 3.
The central bank governors of Thailand and Laos announced the sixth cross-border real-time payment linkage under the Asean Payment Connectivity initiative.
The collaboration between Thailand's BoT and Laos' BoL aims to provide safer, more efficient, and cost-effective QR payment services in Asean.
This is believed to promote economic growth in the region and support the transition towards a digital society.
Both governors expressed a shared vision for regional integration, economic development, and prosperity.
The text describes an initiative involving multiple parties to establish instant payment systems and cross-border settlements in Laos.
The National ITMX Co and LAPNet are leading the instant payment systems, while Kasikorn Bank and BCEL handle cross-border settlements.
Six Laotian banks have already joined, and Krungthai Bank and Bank of Ayudhya from Thailand will provide QR payment services in the second phase.
