Finance/Krungsri QR payment in Laos

Editorial staff

Bank of Ayudhya (Krungsri) has offered cross-border QR payment services for Thai tourists travelling to Lao PDR via the KMA krungsri app, claiming as the first commercial bank to provide this service.

The new service allows outbound travelers to make payments to merchants easily, quickly, and securely. Aligning with the Bank of Thailand's plan, the service was set officially launched on July 5, 2024.

Apparently, Krungsri continues its journey as a leading regional bank in ASEAN by launching a cross-border QR payment service between Thailand and the Lao People's Democratic Republic (Lao PDR).

This service allows travelers between Thailand and Lao PDR to easily make payments for products or services. Thai tourists can use the KMA krungsri app to scan QR codes with the Lao QR code symbol at merchants in Lao PDR. Similarly, merchants using Krungsri Biz Mung-Mee for corporate businesses or Krungsri Mung-Mee Shop for individual businesses can receive payments from Lao tourists instantly, conveniently, and securely.

This initiative aligns with Krungsri's current medium-term business plan (2024-2026) to strengthen the bank’s comprehensive network across ASEAN, as a leading regional bank that is committed to providing innovative financial solutions that meet all customer needs for their seamless daily life. It also supports the Bank of Thailand’s ASEAN payment connectivity to enhance economic potential among ASEAN member countries. The service is available from today.

Ninlawan Jeeraboon, Krungsri head of Transaction Banking Group, said Krungsri has demonstrated its commitment to developing and offering the latest financial solutions that benefit personal life, work, and business.

The latest expansion to Lao PDR is particularly beneficial for travelers between the two countries. Tourists can now use the mobile app to make instant payments, and merchants can conveniently and securely accept payments from foreign tourists, increasing sales opportunities."

Cross-border QR payment is one of Krungsri's innovative financial solutions designed to enhance the payment experience, making it up-to-date and in line with the global shift to digital finance.

The cross-border payment connection between Thailand and Lao PDR builds on Krungsri's existing services in six countries/economic zones: Japan, Cambodia, Indonesia, Malaysia, Singapore, Vietnam, and Hong Kong.

"Currently, QR code payment is widely popular in ASEAN for both tourism and business. This makes cross-border transactions within ASEAN more convenient, fast, and secure. More importantly, it strengthens the region's economic bargaining power and competitiveness," Ms Ninlawan said.

She added Krungsri recognizes the importance of developing digital payment innovations such as QR code payments through the KMA krungsri app to meet regional needs. This aligns with our business expansion strategy to connect ASEAN through a strong financial network and a deep understanding of the ASEAN market. Krungsri continues to expand its services to cover the entire ASEAN region and the Asia-Pacific, aiming to become the leading regional financial institution that connects all customer needs with trusts.