According to ChainCatcher, Bank of China has completed the first cross-border QR code payment transaction between the two countries in Laos. Under the joint guidance of relevant departments of the People's Bank of China and the Central Bank of Laos, Bank of China is among the first batch of participants in the cross-border pilot project for digital payment and central bank digital currency cooperation between the two countries.
Meanwhile, the Vientiane branch of the Bank of China was among the first to connect to the People's Bank of China's digital RMB cross-border digital payment platform. The Bank of China completed the production verification of QR code payments for merchants in Laos by providing real-time exchange rate quotes and efficient clearing services. This service will significantly lower the threshold for cross-border settlement between China and Laos. Chinese tourists can now make purchases in Laos without exchanging foreign currency; they can simply open the digital RMB app, scan the merchant's QR code, and complete the payment directly in their local currency at the real-time exchange rate. Local Lao merchants can continue using their existing payment methods to achieve compliant and automatic fund transfers without needing to modify their payment equipment.
