BCEL launches cashless payment system in Laos

By:  Vientiane Times, December 2, 2017

VIENTIANE - Banque pour le Commerce Exterieur Lao Public (BCEL) has launched a new service called ‘OnePay’- a mobile phone app that allows users to pay anyone, anywhere, directly from their account by simply photographing a QR code.

The new system was announced at a press conference on Thursday by BCEL General Managing Director Mr. Phoukhong Chanthachack.

“OnePay will make the use of cash redundant and is suitable for use by SMEs,” Mr. Phoukhong said.

He explained that the system was fast, safe and convenient, and best of all means customers’ wallets will be a lot lighter.

Using the app, the cost of goods and services is deducted directly from the user’s account and deposited in the vendor’s account, eliminating the need for cash during the transaction.

The system is beneficial for both buyers and sellers. Buyers will receive an SMS alert through BCEL One and SMS banking after completing the payment.

“OnePay will spark a revolution in spending. We’ve all experienced that moment of dismay when the ATM dispenses a massive stack of 10,000 kip notes. That could well be a thing of the past now that OnePay has arrived as it eliminates the need for cash,” he said.

Mr. Phoukhong said BCEL had already revolutionised banking in Laos through its life-changing BCEL One mobile app, which allows customers to transfer funds between accounts, pay utility and phone bills, and pay taxes, right from their own mobile phone.