Thread: 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.

any kips to keep?

Originally Posted by snookmas

Mr O. Vilaphan

I'll have some of what he's smoking.

A right " banker" from the Wank Of Laos

All he's talking about is introducing a debit card payment facility in the country. He's not talking about a cashless society.

Originally Posted by English Noodles

All he's talking about is introducing a debit card payment facility in the country. He's not talking about a cashless society.

Sure make it a lot easier for people doing business and shopping there, fuck that having to carry two rice sacks full of paper to go and buy a 6 pak and a pak of cigs.

He needs to wake up and smell the coffee as the saying goes. I've never been to Laos but every other S. E. Asian people I've been amongst would rather trust a cobra tensed up and ready to strike than a bank.

It might work for commercial stuff but I can't see it happening for a couple of generations for the ordinary folk.

It might tho, exchange rate is 28,000,000 to the US dollar

This from a goverment too stupid to revalue a currency where you have to carry wads of money to buy a bottle of coke, bunch of socialist toss pots they are.

Originally Posted by snookmas

by a banker of the Bank of Lao, Mr O' Vilaphan

Is he a "paddy" ?

Originally Posted by superman

Originally Posted by snookmas

by a banker of the Bank of Lao, Mr O' Vilaphan

Is he a "paddy" ?

And a football supporter, from Birmingham?

Originally Posted by peterpan

This from a goverment too stupid to revalue a currency where you have to carry wads of money to buy a bottle of coke

One bank note is usually enough.

I love the different cash systems over there, it means that the mathematics of the Laos people is so much better then Thais.

Originally Posted by blackgang

It might tho, exchange rate is 28,000,000 to the US dollar

Actually it's 8,465 Bank of the Lao P.D.R

There is even who's advicing to invest in LAK

Fixed Deposits
Compared to many countries, Lao interest rates are high for fixed deposits in Lao Kip at 10-12% per year and 14% for 2 years at JDB.

Laos Banks, ATM, LAK Kip Currency Exchange Rates March 2010, Credit, Debit cards, Foreign Accounts, SWIFT Money Transfer

^It would have to be, about 10 years ago, inflation rates were running at about 140%, 5 years ago they were at about 15%, the past few years, it's been around 9%.

No cash in laos anyway.

It lives off donor handouts.

Originally Posted by JoeMoer

No cash in laos anyway.

You got that right,
Like the US, gots lots of paper, but no cash.

Originally Posted by English Noodles

^It would have to be, about 10 years ago, inflation rates were running at about 140%, 5 years ago they were at about 15%, the past few years, it's been around 9%.

nope, according to their central bank , the CPI index has increased only 20% from january 2006 to february 2010 , meaning an average yearly rate below 5%
Regulation of Land

http://www.bol.gov.la/together_use/A...ort%202008.pdf page 26 , since 2004 the kip has steadily revalued against the $ , decreased from 10,400 kip to 8,500

Definition of Inflation rate (consumer prices): The annual percent change in consumer prices compared with the previous year's consumer prices.

2000 140%
2001 33%
2002 10%
2003 10%
2004 15.3%
2005 12.3%
2006 7%
2007 6.8%
2008 4.5%
2009 8.6%

Laos - Inflation rate (consumer prices) - Historical Data Graphs per Year

A load of cobbler's. Laos inflation runs well above those official figures. Things ramp up at over 25% p.a. - probably closer to 30-40% p.a.

The notso hidden corruption multiplier adds in a bunch.

I live in Laos and have no problem with the money, and you don't need a "handful" of money to buy anything - a 50,000 kip note will usually do. For the more expensive items, everyone uses Thai baht.

Last year we had no ATMs, this year we have four. Of course, the Laos people have no idea what the hell they are for, but the backpackers coming through use them all the time (US$3 to withdraw 700,000 kip - about US$85). Last night I was sitting on the balcony above my restaurant - about 2 a.m. - not a soul on the streets - very quiet - and there was an old Laos lady cooking inside the ATM booth. When she finished cooking and eating her meal, she unrolled some piece of fabric and went to sleep on the ATM floor. I went to bed.

I love it here!

Tell us about your restaurant in Thakhek Ralph.

Thanks, Memock, for giving me a chance to plug my place.

I have a nice little restaurant one block from the Mekong River - within walking distance from the Immigration Office (when you take the boat from Nakhon Phanom to Thakhek - usually for a visa run).

I posted this about a year ago and several of the guys on TeakDoor have been over to see me. Everytime someone comes in and says "Hi Ralph" and I have no idea who they are, I just ask "TeakDoor?" and I'm usually right. Several guys have become regular visitors.

Anyway, we sell Thai/Lao and Western Food - a little of each. Chef salad, hamburgers, steak, fish and chips, curry - just the basics at a good price. Lots of fried rice, sweet and sour, stir fry, tom-yum, and an occasional crocodile steak. And lots of beer Laos, gin and tonics, and ice cream. We have a small menu but everything on it is good and not expensive (I have to keep the prices low, otherwise the Laos people just won't come and I couldn't exist without them). Right now, it's so damned hot and there are no farangs in town. Fortunately, we have several farangs who live here and many who work at the damn-site (Yomalot), so they come in often. A nice clean, bright place with clean bathrooms and good food - with waiters who are actually friendly and who will talk to you. Oh, and we have everything on the menu - none of that "I'm sorry but we're out of xxxx today."

Lots of people use Thakhek for a visa run - it's quick, easy in and out - an hour or less if you want. But I always suggest that if you're coming over, stop in at "Sabaidee Thakhek" (the farang restaurant) and say hello.

Thanks for asking.

Thanks for that ralph, a nice write up.

I travel through Tha Khet a few times a year for work and would love to visit. Do you have a map or website or something?

No, Memock, I don't have a map, but you don't need one in Thakhek. Just come out of immigration, walk down the road past all the tuk-tuks, stay on that road and you'll pass the new Riverea and Mekong hotels - you're walking along the Mekong River bank - just across from Nakhon. When you get to the Namphu Park (on your left, you can't miss it), my restaurant is at the other end of the park on the left-hand side - big sign, "Sabaidee Thakhek." Come on over!

I forgot to mention that we also sell DVDs and books - and are closed from 2 p.m. to 5 p.m. for a siesta (or whatever).