Vietnam-Laos Launch New Cross-Border QR Payments To Boost Tourism And Seamless Transactions
Vietnam and Laos have introduced an innovative cross-border QR payment system, aiming to bolster tourism and enhance economic ties between the two neighboring countries. Conceived in 2023, this collaborative effort is spearheaded by the State Bank of Vietnam (SBV) and the Bank of the Lao People’s Democratic Republic. The initiative is backed by the National Payment Corporation of Vietnam (NAPAS), the Lao National Payment Network (LAPNet), and commercial banks operating in both nations.
Seven leading Vietnamese banks—Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank, and Nam A Bank—are now providing a seamless cross-border QR payment service. Through their mobile banking apps, customers can easily scan QR codes at participating merchants in Laos to complete payments. The service integrates with LAPNet’s network of 14 banks in Laos, ensuring extensive coverage and accessibility.
Payments are processed in both Vietnamese dong (VND) and Lao kip (LAK), featuring real-time currency conversion based on up-to-date exchange rates. This approach guarantees a hassle-free payment experience while promoting the use of local currencies for cross-border transactions.
