Lao Central Bank Launches QR Code Payment Standard

The QR code payment standard will minimise the use of cash, drive Laos towards a digital economy,  and boost socio-economic development. The BOL (Bank of Lao PDR) has reportedly announced the soft launch of a new QR code standard for payments, which it says will lead to faster and safer services in payments and integration with banks. The new QR code system follows the 2018 establishment of a dedicated Payment Systems Department to focus on payments management and ensure the new system is compliant with regulatory and legal requirements.