BOC Smart Bill Service

Service Name

BOC Smart Bill Service

Acquiring Service Overview

This product combines multiple payment methods on one terminal for transactions, and integrates them on the same platform for query and management, providing merchants with a one-stop access, one-stop fund settlement and reconciliation merchant acquiring service solution.

BOC Smart Bill functions include supporting traditional bank card transactions (including card swiping, card insertion and contactless transactions), QR code payment transactions (currently only supports merchants actively scanning QR codes displayed by customers, including WeChat, Alipay and UnionPay QR, and VISA QR codes will be added in the future), online acquiring services include online WeChat, online Alipay and UnionPay SRC online payment, supporting merchants to conduct transactions in two currencies, Kip and US dollars, and the currency settled to merchants is Kip.

Application service conditions:

Merchants applying for this product must meet the following conditions:

a. Companies, associations/charities and government departments with fixed business premises or offices in Laos;

b. Established and actually operated for six months or more or with more than one year of relevant industry experience;

c. Annual turnover or estimated turnover is equivalent to 200 million kip or more;

d. A unit settlement account must be opened at Bank of China Vientiane Branch;

e. There is no negative information on the merchant's corresponding company itself or the merchant's related persons (such as shareholders, directors, beneficial owners, authorized signatories);

f. If the merchant itself is a credit customer of Bank of China Vientiane Branch, it must have normal credit transactions with the bank and a good credit record;

g. Virtual merchants and prepaid merchants are not allowed to enter.