Lao Telecom’s fintech unit Lao Mobile Money has entered into a partnership with Visa to expand digital payments and financial inclusion in Laos.
Under the current agreement, Lao Mobile Money, which operates the MmoneyX mobile wallet, and Visa are set to integrate the latter's payment system into the MmoneyX platform to offer secure and convenient options for multiple forms of transactions, including scanning payments, paying for goods in stores, mobile phone top-ups, and digital financial services, among others.
Digitalising payments across Laos
Lao Mobile Money underlined that MmoneyX will utilise Visa’s payments platform to develop a simplified and convenient experience for tourists and locals conducting payments in Laos. The two companies intend to roll out a co-branded Visa card to scale credit access for consumers and businesses, seeking to increase financial flexibility and facilitate economic growth. Additionally, MmoneyX will integrate Visa Pay, allowing users to make ecommerce payments or pay at merchants globally through QR codes.
Furthermore, commenting on the agreement, Lao Mobile Money emphasised that the collaboration intends to allow digital payment options for individuals who do not have a bank account or lack access to financial services. At the same time, the company mentioned its commitment to optimising how individuals and businesses across Laos make payments, supporting them in keeping their money safe and enabling them to spend everywhere.
Latest news from Visa
Shortly before teaming up with Lao Mobile Money, Visa announced its collaboration with Rizal Commercial Banking Corporation (RCBC), seeking to launch Visa Direct in the Philippines. The move focused on providing real-time payment capabilities and money movement solutions in the region. Visa Direct supported the delivery of funds directly to eligible cards, bank accounts, and wallets globally, contributing to P2P payments with a secure solution. RCBC highlighted that Visa Direct reflected its commitment to inclusive, tech-enabled banking, making money movement more efficient and accessible.
