Bank of China completes the first cross-border QR code payment business for digital currency between China and Laos

Bank of China completes the first cross-border QR code consumption payment business between China and Laos. Under the guidance of relevant departments from the People's Bank of China and the Bank of Laos, Bank of China is among the first to participate in the cross-border pilot project for digital payment and central bank digital currency cooperation between the two countries.

At the same time, the Bank of China Vientiane Branch has become one of the first to access the People's Bank of China's cross-border digital payment platform for digital renminbi. By providing real-time exchange rate quotes and efficient clearing services, Bank of China has completed the production verification of QR code payments for merchants within Laos. This service will significantly lower the threshold for cross-border settlement between China and Laos. Chinese tourists can make payments in local currency in Laos without the need to exchange foreign currency; they simply need to open the digital renminbi app and scan the merchant's QR code to complete the payment at the real-time exchange rate. Local merchants in Laos do not need to modify their existing payment equipment, as they can continue to use their current methods to ensure compliant and automatic fund settlement.