Illustrative photo (Photo: vientianetimes.org.la)Vientiane (VNA) – Laos plans to start using QR code transactions withneighbouring countries – Vietnam, Thailand and Cambodia – from thefourth quarter of this year, according to Lao media.
Governorof the Bank of the Laos, Dr Bounleua Sinxayvoravong, said thatthe use of QR code transactions will facilitate money transfers and payments by Lao workers and tourists in those countries and viceversa.
Currently, 303,391 Lao nationals are working abroad, sending homeabout 426 million USD yearly, which greatly contributes to Lao economy and its foreign currency earnings.
GovernorBounleua Sinxayvoravong said that the central banks of the countries involved areworking with commercial banks to link up the proposed transaction system.
Once theQR code transaction system is in place, it will enable Lao nationals in othercountries to transfer money through the banking system and save service costs,while also avoiding risks that might occur through the use of other systems.
Theapplication of QR code paymentwill make it more convenient for Vietnamese, Thai and Cambodian tourists tomake transactions during their stay in Laos.
The governor said that in 2018 and 2019, prior to theCOVID-19 pandemic, tourism generated 900 million - 1 billion USD a year onaverage for Laos.
He added that if Laos can attract at least4 million foreign tourists each year, the country’s foreign currency earningswill recover./.
