Bank of China completes the first cross-border digital currency QR code payment transaction between the two countries in Laos.

According to Odaily, Bank of China completed the first cross-border QR code payment transaction between the two countries in Laos. Under the joint guidance of relevant departments of the People's Bank of China and the Central Bank of Laos, Bank of China was among the first to participate in the cross-border pilot project for digital payment and central bank digital currency cooperation between the two countries. Simultaneously, Bank of China's Vientiane branch was among the first to connect to the People's Bank of China's digital RMB cross-border digital payment platform.

Bank of China has completed the production verification of QR code payments for merchants in Laos by providing real-time exchange rate quotes and efficient clearing services. This service will significantly lower the threshold for cross-border settlement between China and Laos. When Chinese tourists make purchases in Laos, they no longer need to exchange foreign currency; they can simply open the Digital RMB APP and scan the merchant's QR code to complete the payment directly in their local currency at the real-time exchange rate. Local Lao merchants do not need to modify their payment equipment; they can continue using their existing methods to achieve compliant and automatic fund transfers.