KASIKORNTHAI BANK Limited Lao PDR and Lao Telecom join hands to launch QR KBank’s new feature for mobile top-up anytime, anywhere, expecting to see 120,000 customers sign up for the service this year, which will soon be available across Vientiane.
Enhancing consumer convenience, KASIKORNTHAI BANK Limited Lao PDR has collaborated with Lao Telecom Company Ltd. to add a new mobile top-up feature to the QR KBank application, allowing mobile users to top up their mobile and internet of the Lao Telecom network.
The number of QR KBank users is expected to top 120,000, with 3 million transactions valued at more than LAK 88.5 billion, within this year.
Mr. Pattanapong Tansomboon, Chairman of KASIKORNTHAI BANK Limited Lao PDR, said that Lao PDR has enjoyed ongoing economic growth, and its per capita income has been on the rise over the past several years.
However, Lao people have limited access to formal financial services due to a lack of bank branches and service points. To fill this gap, we want to provide them financial services via digital channels.
In December 2019, we conducted a trial launch of the QR KBank application – an e-Wallet on mobile phone that does not require a link to a bank account – at Talat Khua Din, where Lao people go shopping and make payments via QR code.
The service has been well-received, as evidenced by more than 73,000 transactions worth over LAK54,000 million conducted via the application.
To develop a greater diversity of services, KASIKORNTHAI BANK Limited Lao PDR has cooperated with Lao Telecom, the country’s leading telecommunications operator, to launch a mobile and internet top-up for the Lao Telecom internet network, aimed at offering Lao consumers greater convenience. Such services are now available in Vientiane, as the first location.
Mr. Piyawat Jriyasetapong, Deputy Director General, Lao Telecom Company Ltd., said that currently 81 percent of the total Lao population uses mobile phones, and the country’s mobile internet penetration rate is projected to surge 15 percent p.a.
This, therefore, shows that the Lao people are ready to embrace the digital era, where mobile phones and the internet are indispensable.
As a leading telephone signal network provider in Lao PDR, Lao Telecom’s introduction of the mobile top-up and Lao Telecom internet network via QR KBank application represent an important milestone for the company in utilizing digital technology to upgrade our service channel in order to facilitate consumers in making mobile top-up anywhere, anytime, and respond to their needs in the digital era.
Mr. Soulysak Thamnuvong, Acting Director General, Payment System Department, Bank of Lao PDR, said that the Lao government is currently advancing various policies to induce the private sector to use digital technology in improving financial and payment services for the Lao people.
The collaboration between KASIKORNTHAI BANK Limited Lao PDR and Lao Telecom in introducing new services to the Lao people is considered an important step in steering Lao PDR towards a cashless society as in other countries.
Mr. Pattanapong added that Lao people can now download the QR KBank application from Apple App Store on iOS, or Google Play on Android systems. Customers can register to verify their identity by themselves to start the service.
In addition, they can top up and withdraw money from their QR KBank wallet at any QR KBank service point. Simply look for the “Peep-chan” fortune cat signs which are easy to find anywhere in Vientiane; customers don’t have to go to a bank branch to expedite transactions.
During the launch period of this new feature, KBank has prepared several privileges for customers who top up their Lao Telecom mobile phone network accounts via QR KBank app.
The benefits include prizes and special promotions from K-Star, a well-known store in Lao PDR, as well as other participating shops including Kamu Bubble Tea, B-Beauty, and Retro.
Plus, there are several activities and games with prizes up for grabs, as well as a special internet fee promotion from the Lao Telecom network.
KBank will constantly update these promotional campaigns at K-Star and steadily expand KBank service points. Additional information can be obtained at QR KBank service points across Vientiane, or Facebook: KBankLaos, or www.kasikornbank.com.la.
In 2019, over 120,000 people are expected to use the QR KBank service, translating into 3 million transactions worth more than LAK88.5 billion.
KBank aims to add over 120 service points and service point agents all over Vientiane before stretching across the entire Lao PDR in the future.
In addition to the aforesaid services, KASIKORNTHAI BANK Limited Lao PDR offers deposit products, loans and international trade products to retail customers and business groups by focusing on the Thai and Lao customers who have achieved good business performance and steady growth.