SHANGHAI, Dec. 25, 2024 (GLOBE NEWSWIRE) -- On December 19, UnionPay International (UPI) and the Lao National Payment Network (LAPNet) launched the QR payment interoperability collaboration in Shanghai. Mr. Dong Junfeng, Chairman of UPI, and Mr. Manolith Soumphonphacdy, Chairman of LAPNet, attended the ceremony. From now on, users of the UnionPay App, Chinese e-wallets integrated with the UnionPay MobileWallet Connect Service, and international UnionPay partner wallets can scan the Lao QR code to make payments to local merchants. Mr. Larry Wang, CEO of UPI, and Mr. Sisamone Srithirath, CEO of LAPNet, signed the collaboration agreement on behalf of the two organizations.
Mr. Dong said that in recent years, central banks in Southeast Asia have been accelerating the development of local QR payment networks and driving bilateral and multilateral cross-border QR payment linkages. In line with this trend, UnionPay has been actively promoting payment connectivity between China and Southeast Asia. This new project with LAPNet marks the latest milestone in UnionPay's efforts to pursue cross-border interoperability and will significantly improve the mobile payment experience for users of the UnionPay-powered wallets in Laos. In the future, UnionPay will continue to use its strengths to promote people-to-people exchanges between China and Southeast Asian countries and contribute to payment development in Asia-Pacific.
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