🕊 Launch of QR payments between Vietnam🇻🇳 and Laos🇱🇦

🕊 Launch of QR payments between Vietnam🇻🇳 and Laos🇱🇦
The initiative, announced in 2023, is already operational thanks to the collaboration between the central banks of both countries, the Laos National Payment Network (LAPNet), and the commercial banks of Vietnam and Laos.

👉 This service is offered by 7 Vietnamese banks: Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank, and Nam A Bank. Customers of these banks can use their mobile apps to scan QR codes from Laos and pay for goods and services at payment points on the LAPNet network, which includes 14 banks in Laos.

👉 Transactions are processed in local currencies (LAK/VND), with real-time currency conversion based on the current exchange rate at the time of payment.

👉 Interesting fact: Vietnam, with a population of nearly 100 million, boasts a GDP per capita of 4,623 USD. While officially a socialist country, much of its economy operates on liberal principles, with a strong focus on technology. The Vietnam National Payment Corporation (NAPAS) has already launched cross-border QR payment services with Thailand🇹🇭 and Cambodia🇰🇭. Plans are underway to expand this service to China🇨🇳, South Korea🇰🇷, and Japan🇯🇵 in the near future.

#news #Asia

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