Central bank urges cooperation to create QR code payment standard in Vietnam
VIENTIANE (Vientiane Times/ANN) - The Bank of the Lao PDR requires closer cooperation with relevant sectors to create a national QR code standard for banks and financial institutions to further enable the convenient payment service.
Officials from different banks and financial institutions, including representatives from relevant sectors, gathered in Vientiane on Friday to learn about creating the QR code standards and QR code development from senior officials of the Bank of Thailand.
They attended a workshop on the theme of “Development of interoperable QR code for payments”, which was organised by the Bank of the Lao PDR and the Bank of Thailand.
This cooperation was in line with a memorandum of understanding (MOU) signed by the Bank of the Lao PDR and Bank of Thailand at Chiang Rai province, Thailand, in April, Deputy Governor of the Bank of the Lao PDR, Mrs Vatthana Dalaloy said.
The agreement aims to enhance collaboration on financial innovations and payment services to promote more efficient and secure domestic and cross-border payment transactions, and to promote the use of local currencies.
The two central banks are working together to develop an interoperable QR code for payments and innovative real-time remittances to facilitate cross-border retail payment services between Laos and Thailand.
“Before this workshop, the Bank of the Lao PDR organised a meeting with commercial banks that provide payment services via QR code to consult and evaluate QR code development conditions. The concerned sectors of the Bank of the Lao PDR worked with the Bank of Thailand to report on the actual conditions,” she said.
“The QR code standard for payment services will not be successful if there is a lack of cooperation from every relevant sector,” Mrs Vatthana said.
QR code standard development would also help revenue collection and manage payments to the government, she added.
Topics taken up at the workshop included strategic and policy direction for payment system development in Thailand, collaboration on the development of interoperable QR code for payments, business experiences in QR code payments and technical specifications.
It also discussed pragmatic business cases in the adoption of the QR code and BAY-MUFG: expanding the use of QR codes for payments beyond Asean.