The Bank of Lao PDR has launched a Lao QR Code standard for electronic payments in a move to improve payment services and integration between banks.
The QR code standard will comply with the finance and currency sector’s strategic plan and minimize the use of cash, driving the onset of a digital economy and boosting socio-economic development, the BOL Governor Sonexay Sithphaxay said at the launching ceremony, as quoted by Xinhua News Agency.
He added that the introduction of a Lao QR code standard will encourage other banks in Laos to speed up QR code development.
In addition, participants of the ceremony also discussed local payment systems and how to minimize the possible negative impacts of using digital payment systems, including security issues.
The use of QR codes for payments, services and transactions, has been widely adopted in Laos, but is not well integrated with other domestic and international systems, Xinhua noted.
In August last year, Lao Development Bank entered into an agreement with KIWI Company to roll out the QR code payment service Alipay.
Separately, Banque pour le Commerce Exterieur Lao Public joined hands in July last year with Chinese payment service provider UnionPay International to roll out new QR code payment services in the country.
The move enabled UnionPay app users to make payments by scanning QR codes at local stores across Laos.