Visa eyes electronic payment service in Laos
Visa eyes electronic payment service in Laos
Visa Inc, a leading global payments technology company based in America, is interested in developing its electronic payment service in Laos as the country is enjoying rapid economic growth.
“Laos is growing in economic activities in the region, while the commercial interaction is also on the rise,” said Visa Inc’s Vice President of Government Affairs and Public Policy in South Asia, Southeast Asia, Australasia and Pacific, Mr Adam Wand.
The comment was made during his meeting with Minister of Science and Technology Prof. Dr Boviengkham Vongdara in Vientiane yesterday.
Mr Wand went on to say that the company was interested in a partnership with the ministry to provide specific knowledge about Visa’s system to the relevant officials at the ministry.
“We have the wish to cooperate with the Lao government by sending experts to train staff here in Laos who can specialise on the internet and the Visa electronic system,” he said.
The Visa service is basically related to the use of technology, which enables a decrease to expenses in the payment process.
Currently Laos also widely uses electronic payments in business activities, but improvements to the system still need to be done.
“A high level of surcharging remains in electronic payments in Laos but in the Visa system surcharging is prohibited,” Mr Wand said.
He also advised that Laos will be able to take advantage of electronic payments to boost economic growth because people across the country can pay their insurance or other services via mobile phones.
He also said that many people preferring to spend cash rather than use a credit card was a worldwide issue and also a serious competitor.
Dr Boviengkham said the National Assembly recently approved the law on electronics as a tool for the control and management of all electronic activities.
“I hope we can further cooperate with Visa Inc. to create various essential policies and regulative tools to manage their electronic payments process,” he said.
Visa Inc has its base in America but the regional office is located in Vietnam, aiming to provide services to customers in the region.
vientiane times
