Digital Renminbi enters a new phase in Laos—QR code payment revolution kicks off in Vientiane

A new initiative by the Bank of China’s Vientiane branch is bringing changes to Laos’s payment scene. The QR code payment system using the digital yuan has been realized across borders for the first time, linked with the cross-border payment infrastructure built by the People’s Bank of China, creating unprecedented convenience.

Benefits for Both Tourists and Businesses—A New Payment Experience

The biggest appeal of this system is that it reduces hassle for all involved parties. Tourists from China can pay with the digital yuan via a smartphone app, eliminating the need to visit currency exchange offices. On the other hand, local businesses in Laos, such as retail stores and restaurants, face no burden in adopting new payment devices. Since they can utilize the existing QR code payment infrastructure, the implementation cost is almost zero.

Real-Time Processing and Instant Fund Settlement—A New Flow of Transactions

The technical ingenuity behind this system is also noteworthy. Because exchange rates are updated instantly, there is no anxiety caused by rate fluctuations, and the process from payment to fund receipt proceeds smoothly. Lao businesses can receive funds directly into their accounts immediately after transactions, significantly reducing the typical waiting time associated with international transactions.

The CBDC Unlocks New Possibilities for International Transactions

This success is not just a single case in Laos. It demonstrates how the digital yuan’s CBDC technology can make cross-border payments more efficient. From consumption at tourist spots to peer-to-peer remittances, the convenience offered by this system is expected to expand across various scenarios, attracting attention for future developments.