U-money e-wallet in Laos marks two years of operation hinh anh 1Delegates in the ceremony marking two years of operation of U-Money e-wallet in Laos (Photo: VNA)

Vientiane (VNA) – A ceremony has been held in Vientiane to mark two years of operation of U-Money e-wallet provided by Unitel, a joint venture between Viettel of Vietnam and a Lao company.

Addressing the event, Governor of the Bank of Laos SonexaySitphaxay underlined that the digital economy is a tool for the management of the new payment methods with efficiency, transparency and safety.

He said that as an affiliated companyof Unitel, Star Fintech is one of the first joint ventures between Vietnamese and Lao enterprises to provide e-payment services, creating a breakthrough in the field and a favourable condition for Lao people in shopping and payment.

Amid the COVID-19 pandemic, e-payment has been carried out effectively in paying salary for officials and public servants in many localities, he said, expressing his hope that in the future, the method will be further expanded to serve people and businesses.

After two years of operation, U-Money e-wallet by Star Telecom under the trademark of Unitel has set up more than 10,000 service posts across 148 areas of Laos with nearly 500,000 customers.

Currently, Unitel has signed agreements on salary payment for public employees at local levels in 50 percent of the districts in Laos via U-Money.

The firm expects that in 2025, 80 percent of mobile service subscribers in Laos use U-Money. In each village, one or three transaction posts are expected to be set up.

Since 2014, Star Telecom has been chosen by the UN Capital Development Fund (UNCDF) to pilot the financial service supply under the supervision of the Laos’ central bank. In August 2019, Unitel received first official licence on Mobile Money supply in the country./.