Laos’ Lao National Payment Network Company Limited (LAPNet) and China’s UnionPay International (UPI) formally signed an agreement to introduce a QR code-based system connecting the two countries’ payment networks.
In doing so, tourists from both countries will be able to make cashless transactions.
As of press time, Chinese tourists can already use QR codes in Laos, while similar modalities for Laotian travellers in China are expected to be in place soon.
Terms of the agreement
Under the agreement, payments will be allowed between LAPNet and UPI members via the UnionPay mobile app, which currently supports over 160 e-wallets in 37 countries.
Under the system, UnionPay users can pay at merchants linked to eight LAPNet member banks, including Banque Pour Le Commerce Exterieur Lao Public (BCEL), Joint Development Bank (JDB), and Agricultural Promotion Bank (APB).
The first phase, China Scan Laos, is now active; thus Chinese tourists can use cashless payment whilst travelling in Laos.
The second phase, Laos Scan China, will soon let Lao travelers enjoy the same convenience in China; however, an official launch date has yet to be announced.
This makes China the fourth nation with a cross-border payment system with Laos, following the latter’s previous agreements with Cambodia, Thailand, and Vietnam.
