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Lao Mobile Money’s “MmoneyX” has officially become the first e-wallet to join the Lao National Payment Network (LAPNet), marking a significant milestone in the country's digital financial transformation.
(KPL) Lao Mobile Money’s “MmoneyX” has officially become the first e-wallet to join the Lao National Payment Network (LAPNet), marking a significant milestone in the country's digital financial transformation.
The agreement was signed on July 1 by Sisamone Sarithirath, Director of LAPNet, and Alounnadeth Banchit, Director of Lao Mobile Money (MmoneyX), in the presence of Minister of Technology and Telecommunications Boviengkham Vongdara.
The signing ceremony was also witnessed by Deputy Minister Santisouk Simmalavong, BOL Deputy Governor Soulisack Thamnouvong, Lao Telecom Public Company Director General Souphon Chanthavixay, and Acting Director of the Department of Payment System Management (BOL) Souphon Chanthavixay.
As the first e-wallet to join LAPNet, MmoneyX can now facilitate direct, seamless money transfers and settlements with banks across the national interbank network. This integration enables MmoneyX users to transfer funds to member bank accounts and make payments at retail stores using Lao QR codes.
In addition to domestic interoperability, MmoneyX has partnered with Visa and Mastercard to offer e-wallet services for travelers. It also provides international remittance services through its collaboration with MoneyGram.
Speaking at the event, Alounnadeth Banchit highlighted the strategic importance of the partnership: “This collaboration supports Laos' digital transformation vision by promoting financial inclusion and modernizing payment services, in line with government policies and the Bank of the Lao PDR’s financial sector development strategy.”
KPL
