Mobile Finance

Lao Mobile Money signs digital payments partnership with Visa

Lao Mobile Money signs digital payments partnership with Visa

Lao Telecom’s fintech unit Lao Mobile Money – which operates the MmoneyX mobile wallet – has become a strategic business partner with Visa in a deal aimed at boosting digital payments and financial inclusion in Laos.

Under the agreement signed on Thursday, Lao Mobile Money and Visa will integrate Visa's payment system into the MmoneyX platform to provide secure and convenient options for multiple forms of transactions such as scanning payments, paying for goods in stores, mobile phone top-ups and digital financial services, among other things.

Lao Mobile Money said MmoneyX will leverage Visa’s payments platform to create a convenient and seamless experience for tourists and locals to make payments in Laos more convenient, convenient and satisfying for users.

Lao Mobile Money and Visa also plan to launch a co-branded Visa card to expand credit access for both consumers and business users with the goal of increasing financial flexibility and promoting economic growth. MmoneyX will also integrate Visa Pay so that users can make e-commerce payments or pay at merchants worldwide via QR codes.

The partnership agreement also covers cross-border remittances, with both companies planning to enable Lao Mobile Money users to receive money transferred from overseas directly to their MmoneyX wallet.

Lao Mobile Money director Alounnadet Banchit said the partnership aims to enable digital payment options for people who do not yet have a bank account or lack access to financial services.

“We want Lao people to feel that using MmoneyX is not complicated or difficult, but a tool for everyone to make life easier, money safe, and spending anywhere,” he said in a statement.



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