KBank launches “QR KBank” e-wallet in Lao PDR aiming to gain 115 million baht in the first year

KASIKORNBANK (KBank) introduces the “QR KBank” – an e-wallet application to grant an access to financial services for residents of Vientiane, Lao PDR, which will be effective on December 11, 2018. This application that offers cashless convenience in support of the policy of the Lao government is expected to serve around 2,000,000 transactions worth more than 115 million baht.

Mr. Pattanapong Tansomboon, First Senior Vice President of KBank, said Lao PDR has exhibited continually high economic growth, but access to financial services has remained difficult. Only 26% of Lao population has bank accounts, due to a limited number of bank branches and ATMs, and complicated account opening processes. However, more than 91 percent of Laotians use mobile phones and 90% of the total get access to the internet via their mobile phones.

By leveraging the digital banking leadership in Thailand, KBank aims at capitalizing on digital service provision in Lao PDR. The “QR KBank” has been developed as an e-wallet application to offer greater convenience to Lao customers. Even without a bank account, the app can be used for mobile top-up and funds transfer, as well as QR Code payment. With this smart wallet in their mobile phones, customers no longer need to carry a large amount of cash.

In addition, KBank has launched “QR KBank Shop” application designed for small merchants. The application allows users to accept payment via the QR KBank function with enhanced security, reduced cost and minimized risk from cash management with no cash exchange. The application also provides daily sales summary which allows for increased efficiency in business planning.

In collaboration with Nong Chan Market or “Talat Khua Din”, KBank will debut the QR KBank – an e-wallet service on December 11, 2018 with the launch of “Convenient for Seller, Easy for Buyer:  Pay with QR KBank” campaign. The first of its kind in Lao PDR, the application will make Nong Chan Market the prototype of cashless market. By 2019, transactions via QR KBank are expected to reach some 2 million, or more than LAK36 billion or approx. THB115 million.

Mr. Visith SENGDARA, Chief Executive Officer, LIENG HENG COMMERCIAL MANAGEMENT Co.,Ltd, which manages the Nong Chan Market, added that the Nong Chan Market has become a famous attraction among international tourists. Boasting over 700 stores, the Nong Chan Market attracts over 2,000 shoppers/day and the amount of their spending here totals over LAK3 billion /month. The introduction of QR KBank and QR KBank Shop at the market will offer convenience for both merchants and customers in terms of greater flexibility and security.

KBank is planning to use QR KBank and QR KBank Shop to upgrade the payment system via digital channels of business partners in early 2019, while also looking at the feasibility of introducing new service features on QR KBank to meet the needs of Laotians, including mobile phone top-up, together with expanding payment points and funds transfer channels, aimed at offering convenience to customers.