Thailand and Laos Launch Cross-Border QR Payment Link
ASEAN Initiative Enhances Trade, Tourism, and Digital Financial Services
The Bank of Thailand (BOT) and the Bank of Lao PDR (BOL) have announced the launch of a cross-border QR payment linkage between Thailand and Laos, aiming to strengthen economic ties and promote the use of local currencies within ASEAN.
This initiative, unveiled at the 11th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Luang Prabang, Laos, marks a significant step in bolstering trade, investment, and tourism between the two countries. It also aligns with the ASEAN Payment Connectivity initiative, enhancing regional financial integration.
The cross-border QR payment linkage is expected to streamline economic activities, particularly in the tourism sector, where Thailand and Laos enjoy significant bilateral traffic. With 2 million Thai and Lao tourists traveling between the countries in 2023, this initiative is poised to facilitate seamless financial transactions for travelers and merchants alike.
In the first phase, users from Laos can utilize mobile banking applications to scan Thai PromptPay QR Codes displayed by merchants in Thailand. The second phase, starting at the end of June 2024, will enable users from Thailand to scan LAO QR Codes displayed by merchants in Laos.
Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, emphasized the importance of cross-border payment linkages in promoting economic growth and digital transformation within ASEAN. Mr. Bounleua Sinxayvoravong, Governor of the Bank of Lao PDR, echoed this sentiment, highlighting the collaborative effort between the two countries to enhance financial services and regional integration.
The initiative involves various stakeholders, including payment system operators, settlement banks, and commercial banks from both jurisdictions. With the participation of multiple commercial banks and payment service providers, the cross-border QR payment service is poised to expand its network of users and merchants, fostering greater financial connectivity between Thailand and Laos.
This initiative, unveiled at the 11th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Luang Prabang, Laos, marks a significant step in bolstering trade, investment, and tourism between the two countries. It also aligns with the ASEAN Payment Connectivity initiative, enhancing regional financial integration.
The cross-border QR payment linkage is expected to streamline economic activities, particularly in the tourism sector, where Thailand and Laos enjoy significant bilateral traffic. With 2 million Thai and Lao tourists traveling between the countries in 2023, this initiative is poised to facilitate seamless financial transactions for travelers and merchants alike.
In the first phase, users from Laos can utilize mobile banking applications to scan Thai PromptPay QR Codes displayed by merchants in Thailand. The second phase, starting at the end of June 2024, will enable users from Thailand to scan LAO QR Codes displayed by merchants in Laos.
Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, emphasized the importance of cross-border payment linkages in promoting economic growth and digital transformation within ASEAN. Mr. Bounleua Sinxayvoravong, Governor of the Bank of Lao PDR, echoed this sentiment, highlighting the collaborative effort between the two countries to enhance financial services and regional integration.
The initiative involves various stakeholders, including payment system operators, settlement banks, and commercial banks from both jurisdictions. With the participation of multiple commercial banks and payment service providers, the cross-border QR payment service is poised to expand its network of users and merchants, fostering greater financial connectivity between Thailand and Laos.
Translation:
Translated by AI
