Laos will one day become a cashless society !

(KPL) The use of a common debit card standard would help Laos move into a cashless society and assist this country�s economy to grow and this was said by a banker of the Bank of Lao, Mr O. Vilaphan, when he spoke during a presentation event on Lao Central Payment Network, for bankers, private sector people and civil servants, in the premises of the Bank of Lao on 11 March.

He added that he would like banks in Laos to support this new debit card operator, to enable Laos to deepen its banking industry and to get cashless transaction to become a way of life here.

When banks join as members of LCPN they would be in a position to access cutting edge banking technology at low cost and this would allow them to remain focused on their core business, said Mr Arnold Khoo, Chairman of LCPN. The Chairman, a Singaporean, added that LCPN, a neutral and transparent party, would enable banks to roll out a slew of new banking products.

�Banks could expand their customer base through electronic services and save a vast amount of technology costs through the use of LCPN�s services, instead of developing their own,� Mr Khoo added.

Elaborating on this system, he said that it would also be a win-win situation for both the banks and customers, as consumers would benefit from widespread cashless commerce and the cash flows into the banks would strengthen the banking industry.

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