Laos will roll out QR code transactions with Vietnam, Thailand and Cambodia to facilitate money transfers and payments by workers and tourists.
Bank of the Laos Governor, Bounleua Sinxayvoravong, told the recent 5th Ordinary Session of the National Assembly that the central banks of the countries are working with commercial banks to link up the proposed transaction system.
He added that technical matters have been sorted and the team is assessing the advantages and disadvantages of the new system.
"I think we will pilot the scheme in the fourth quarter,” he added.
Laos government noted that currently, 303,391 Lao nationals are working abroad, sending home about US$426 million (S$567 million) every year, contributing largely to the country's economy and its foreign currency earnings.
The QR code transaction will enable money transfer through the banking system and save service costs for migrant workers sending money through unregulated channels.
Further, it is claimed to make life "easier" for tourists travelling in these countries.
“Thai and Vietnamese tourists can just scan their QR code to make payments here and the money is circulated within the banking system,” Dr Bounleua said.
The scheme will be initiated as part of Laos’ efforts to "revitalise tourism in a timely manner,” he added.