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Illustrative photo (Photo: vientianetimes.org.la) |
Governor of the Bank of Laos, Dr. Bounleua Sinxayvoravong, said that the use of QR code transactions will facilitate money transfers and payments by Lao workers and tourists in those countries and vice versa.
Currently, 303,391 Lao nationals are working abroad, sending home about US$426 million yearly, which greatly contributes to the Lao economy and its foreign currency earnings.
Governor Bounleua Sinxayvoravong said that the central banks of the countries involved are working with commercial banks to link up the proposed transaction system.
Once the QR code transaction system is in place, it will enable Lao nationals in other countries to transfer money through the banking system and save service costs, while also avoiding risks that might occur through the use of other systems.
The application of QR code payment will make it more convenient for Vietnamese, Thai, and Cambodian tourists to make transactions during their stay in Laos.
The governor said that in 2018 and 2019, prior to the Covid19 pandemic, tourism generated US$900 million - US$1 billion a year on average for Laos.
He added that if Laos can attract at least 4 million foreign tourists each year, the country’s foreign currency earnings will recover.
