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Laos’ Banks Linked For Money Transfers Via Mobile App

Source: Vientiane Times

Customers of many banks in Laos will now be able to transfer money via a mobile application managed by the joint venture Lao National Payment Network Co Ltd (LAPNet) under the Bank of the Lao PDR (BOL).

The integrated and convenient system of electronic payments through mobile transfers involving different banks of Laos will make it easier for clients or customers of each bank to rely on their smartphones for transferring money anytime, anywhere and on any payment channel.

The first integrated mobile application for money transfers between banks in Laos will be implemented by two banks – Lao Development Bank (LDB) and ST Bank – using QR Codes.

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Account fund transfers will be implemented by the five major banks – Banque pour le Commerce Exterieur Lao Public (BCEL), LDB, BIC Bank (Lao) Co Ltd, Lao-Viet Joint Venture Bank and Joint Development Bank (JDB).

The Agricultural Promotion Bank (APB) is in the process of developing its system and this will be completed in the first quarter of 2021.

Customers will be able to transfer between 1,000 kip and 10,000 kip per transaction and the maximum that can be transferred in a day is 50,000,000 kip.

Fees for transactions will be classified into different categories. If customers transfer a sum of 1,000 kip to 1,500,000 kip, they will be charged 1,000 kip per transaction.

Transfers of 1,500,000 kip to 3,000,000 kip will be charged 2,000 kip per transaction, 3,000,001 kip to 5,000,000 kip will be charged 3,500 kip per transaction, and 5,000,001 kip to 10,000,000 kip will be charged 10,000 kip per transaction.

Fees for cash transfers between ATMs and the mobile app will be charged at the same rates because the technical system is the same.

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A total of 16 banks in Laos have integrated their ATM pools for cash withdrawals and balance checks.

Ten banks are now able to transfer and receive cash via ATM transactions, include BCEL, LDB, APB, Lao-Viet Joint Venture Bank, JDB, ST Bank and BIC Bank (Lao) Co Ltd.

Besides, Public Bank (Vientiane), Maruhan Japan Bank Lao and Kasikornthai Bank (Vientiane) are part of the integrated money transfer project.

The launch ceremony for the mobile app, which was held on Tuesday, was attended by the Governor of BOL, Mr Sonexay Sithphaxay, and the managing directors of various banks involved in the project.