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Tuesday, July 16, 2024

LOCA launches LOCA PAY Enabling QR Code payment via Credit Card

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Loca launched a new product “Loca Pay” on 16 December 2022, with a new goal to be a convenient and safe digital payment intermediary for everyone.

The QR code has quickly become a go-to for Laotians in their daily lives for making payments. The privacy afforded by the QR code technology is one of its best aspects—it allows shoppers to quickly and securely purchase goods without having to enter sensitive information, like credit card data. It’s no surprise that Lao QR codes are continuing to gain traction in this corner of Southeast Asia—combining convenience and security makes them hard not to love!

Tourism is one of the most important industries in Laos. And with more and more tourists coming to the country, with a high purchasing power enabling them to pay for living and traveling in Laos, Loca quickly saw the opportunity and created a new service to meet digital payment demands with Loca Pay. This new payment system will allow everyone to use their credit card to pay through a QR code conveniently at various places.

 

Team Loca and JDB after signing the MOU for Loca Pay

On 16 December 2022, LOCA teamed up with Joint Development Bank (JDB) to announce its groundbreaking new payment system “LOCA PAY”, which is going to make paying with your credit card seamless in Laos. With LOCA PAY, you only need to link your credit card once and then you can start scanning and pay to Lao QR everywhere in no time.

Forget the fuss of carrying around countless cards or fumbling around with apps when it comes time to settle up; just let LOCA take care of all your payment needs! And that’s not all – LOCA PAY can support VISA, Master Card, and UnionPay (coming later next year).

“Our concept for Loca Pay is pay around like a local,” said Co-Founder & CEO at LOCA COMPANY LIMITED, Mr. Souliyo Vongdala.

Loca Pay is willing to be a new revolutionary in the field of digital payment that will not only help tourists to make cashless payments but will also help and encourage small business units to have more access to the purchasing power of travelers through a QR code payment option even if they don’t have a card reader to accept payments.

“When foreigners visit Laos, they cannot create a bank account, as most of them only stay for a short period. Small restaurants in Laos do not offer any card swipe machines either, resulting in SMEs not receiving any benefits from foreigners. Therefore, we decided to create this application so that tourists can connect their international credit card to our app and pay through QR codes anywhere in Laos,” noted Mr. Souliyo.

From small-time shops to buying your favorite drink, to pay for your fancy dinner, a QR Code is the most convenient way to pay in Laos. There’s no need to think twice when you want to buy something or pay a bill – LAO QR codes have got you covered! The new LOCA payment system is here and it’s ready to revolutionize the way you pay.

All you need to do is link your credit card to the LOCA App, submit your KYC information and the process will be automatically completed. Then you can start paying by scanning the LAO QR Code – no more fishing for cash or queuing up at the ATM! With LOCA, transactions are quick and secure – no wonder so many people are choosing it as their go-to payment method.

According to Mr. Souliyo, Loca Pay will only collect a 1.5 percent fee for each transaction, of about LAK 5,000 compared to using ATMs that would charge up to LAK 20,000. He further claimed that one can only withdraw a maximum of LAK 1.5 million from ATMs, however,  Loca Pay application allows customers to pay any amount they need to without limit. Mr. Souliyo also discussed a major plan regarding the locals utilizing the app abroad, which he anticipated would be in effect by the second half of 2023.

“We are currently working with UnionPay to enable Lao people to use the app abroad. Most Lao People use UnionPay cards, so they will be able to connect their card to our application and pay in many countries around the globe, simply by scanning the QR code,” added the CEO of Loca.

In addition to all the distinguished guests who attended the Loca Pay Grand Opening event, including business entities, major banks in Laos, and other important organizations, the event was also honored by the presence of Mr. Manothong Vongxay, Deputy Minister of Industry and Commerce, who participated and gave his comments on this occasion.

As for LOCA, it has been operating a passenger car or taxi service since 2018 becoming the number one online taxi service in Laos in just four years with a reputation for safe and reliable services. LOCA itself was included in the list of top 100 companies in the region by Forbes ASIA in 2021.

The launch of a new service such as Loca Pay is facilitated through the Joint Development Bank so that payments are transparent and reliable. LOCA PAY service is also officially approved by the Department of Payment System of the Bank of Lao PDR, so one could be sure of the security and privacy of their payments throughout Laos.

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