Recently, based on the central bank digital currency cooperation infrastructure project, Bank of China successfully completed the first cross-border QR code payment transaction using a digital yuan wallet in Laos.
Under the joint guidance of relevant departments from the People's Bank of China and the Bank of the Lao PDR, Bank of China was among the first batch of participants in the cross-border pilot project for digital payments and central bank digital currency cooperation between the two nations.
Concurrently, Bank of China's Vientiane Branch was among the first to connect to the People's Bank of China's digital yuan cross-border digital payment platform. By providing real-time exchange rate quotes and efficient clearing services, Bank of China successfully completed the production verification of QR code payments for merchants within Laos. This service is set to significantly lower the threshold for China-Laos cross-border settlements, offering a seamless experience covering the entire process from 'payment to exchange to clearing,' thereby introducing a novel payment experience for tourists visiting Laos and local merchants: When Chinese tourists make purchases in Laos, there is no need to exchange foreign currency; they simply need to open the digital yuan 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 require no additional modifications to their payment receiving equipment; they can continue using their existing methods to achieve compliant, automatic fund settlement.
Bank of China will leverage the successful implementation of this service as an opportunity to continuously support the interconnection of financial infrastructure between the two countries, offering their citizens a more convenient, low-cost, and low-risk new option for cross-border payments, and injecting fresh momentum into the integrated development of China-ASEAN payments.
