Vietnam, Laos launch cross-border QR code payment connectivity: Participants at the launching ceremony (Photo: VNA)

The launching ceremony took place within the 47th session of the Vietnam-Laos Intergovernmental Committee in Vientiane, with Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone attending.

The initiative is the result of cooperation since 2023 between the State Bank of Vietnam and the Bank of the Lao People's Democratic Republic, through the National Payment Corporation of Vietnam (NAPAS) and the Lao National Payment Network (LAPNet), along with the commercial banks of both countries. It is expected to boost tourism, consumption, and people-to-people exchange between the two countries, while promoting the use of local currencies in bilateral retail payments.

Customers using mobile banking apps from participating Vietnamese banks, including VietinBank, Sacombank, BIDV, Vietcombank, BVBank, Nam A Bank, and TPBank, now scan LaoQR codes to pay for goods and services at merchants within the LAPNet’s network of 14 banks in Laos.

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

Looking ahead, NAPAS will work with LAPNet to introduce payment options for Lao residents visiting Vietnam using the VietQR system.