Law on Payment System ( Amended )
支付系统法（修订版）
ກົດໝາຍວ່າດ້ວຍ ລະບົບການຊຳລະ (ສະບັບປັບປຸງ)
Summary
This Law governs the operation and management of payment systems, aiming to ensure the security, efficiency, and reliability of payment transactions. It applies to payment service providers and relevant stakeholders, specifying requirements for the establishment, operation, and supervision of payment systems, as well as regulating payment instruments, settlement procedures, and risk prevention and control measures, so as to promote financial stability and economic development.
Articles
Article 1
Article 1 (Amended) Objective
This Law defines principles, regulations and measures on the supervision and
oversight of the payment system’s activities in order to ensure the compliance, convenience,
swiftness, safety, transparency, modernization and effectiveness of the activities with the aim
to maintain the financial and monetary stability, to ensure the promotion of trade, service,
investment, financial inclusion, and the ability of regional and international integration,
contributing to the national socio-economic development.
Article 2
Article 2 (Amended) Payment System
Payment system is the whole activities relating to payment services by using payment
instruments, channels, and mechanism of the payment system operators and payment service
providers.
Article 3
Article 3 (Amended) Definition
Terms used in this Law shall have the meanings as defined below:
1.
Payment means the act of paying or receipt of payment for goods, services,
debts or other obligations by using lawful payment instruments, channels, and mechanisms;
2.
Money transfer means movement of cash, deposit, and electronic money from
payer to payee through payment system;
3.
Interoperability means the interlinking between payment systems of the similar
or different features to facilitate payment service and enable interoperable operation;
4.
Debit Card means a card bound with deposit account, which can be utilized
based on the balance available in the account;
5.
Credit Card means a card with a line of credit, which can be utilized based on
the approved credit line limit;
6.
Prepaid Card means a card which is required a stored amount of money onto
the card before using, and can be utilized based on the balance available in the card.
7.
Advanced Money means an amount of money which payment service provider
received from end users, in the form of cash or deposit to exchange for electronic money that
will be put onto the electronic money account, and subject to be waiting for payment order
from the end users. The balance of advanced money shall be equal to the outstanding balance
of the electronic money in the system;
8.
Managements mean members of board of directors, directors, managers, or
other persons with equivalent position, and committees who having the rights on decision-
making on all procedural operation of payment system;
9.
Outsourcing Service Provider means a legal entity hired by Retail Payment
System Operator or Payment Service Provider to support in payment services operation and
to partially manage the services on their behalf, such as information and technology system,
operation, and key services.
10. Payment Business Operator means Retail Payment System Operator and
Payment Service Provider authorized by the Bank of the Lao PDR;
11. Card Reader Machine means a device for reading the card by swiping or
touching the card in order to make payment for goods or services.
12. Mobile Banking means a channel for financial transaction execution used by
individual or legal entity, who has deposit account with a bank, via mobile phone that
installed with the program that can operate or process money transfer, credit payment,
opening or closing of deposit account and other functions.
13. Internet Banking means a channel for financial transaction execution used by
individual or legal entity, who has deposit account with a bank, via electronic devices through
the internet system in the form of web base for disbursement of salaries, wages, transfer of
money to pay for raw materials used for manufacture, and others.
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