LTC, Agricultural Promotion Bank work towards mobile payment services
LTC, Agricultural Promotion Bank work towards mobile payment services
Lao Telecommunications Company (LTC) last Thursday signed a Memorandum of Understanding with the Agricultural Promotion Bank to provide telecom payment services through mobile banking.
This new service will provide a facility to both customers of Lao Telecom and the bank and will allow them to pay mobile phone, landline, water, electricity and internet bills in a quick and reliable manner from a mobile device.
Director General of LTC Mr Thongsay Sanexaya said the company plans to expand 2G and 3G systems to more than 200 base stations nationwide and provide high speed mobile internet to people in the 149 districts of Laos.
The company will soon roll-out a 4G service and will be the first company in Laos to do so. This new innovative and high speed system will give customers faster access to information in Vientiane before expanding into the provinces.
The company will develop its services to match international standards before integration into the Asean Economic Community in 2015.
He said the signing of the MoU will benefit customers as they will now receive quicker and smarter services.
LTC is planning to launch a new facility in which its customers can top-up mobile phone credit through ATM machines. It will also provide an SMS banking facility which will give fast and accurate information to customers about their accounts.
Mr Thongsay said the technology improvements will encourage people to use the new payment systems throughout the country.
LTC Deputy Director of the Cooperation Department, Mr Vannadeth Vannavong told Vientiane Times that it provides mobile banking to BCEL, Lao Development Bank, and now the Agricultural Promotion Bank and will eventually expand to others in Laos, such as Phongsavanh Bank, to provide efficient and customer-friendly services.
Director General of the Agricultural Promotion Bank Mr Bouangeun Phongsavath said it plans to improve its information technology to modernise and provide new products.
The bank has upgraded its information technology to a Kastle Core Banking system to accept electronic services that link with other banks in Laos and overseas.
Mobile banking is seen as a great step forward in the provision of modern banking in Laos and should eventually become widespread, diversifying the ways in which customers can pay bills and check account details.
vientiane times
