Payments/FM
Micronesia, Federated States of
ISO FM · 0 schemes
Summary
- USD currency US dollar used
- Compact state US association
- Bank of FSM main institution
- Limited digital payments
- Development stage infrastructure
Banking landscape
Central Bank
- Name: FSM Banking Board (no central bank)
- Currency: Uses US Dollar
- Role: Financial regulation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Bank of the FSM | Local | Limited |
| 2 | Bank of Guam | Regional | BOG App |
Market Structure
- USD economy: Dollarized
- Compact state: US relationship
- Four states: Yap, Chuuk, Pohnpei, Kosrae
- Cash dominant: Primary method
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Bank transfers | Banks | Wire | Limited |
| Card networks | Visa/MC | Cards | Limited |
| Remittances | MTOs | International | Active |
Infrastructure Status
- USD simplifies transactions
- Limited ATM network
- Cash economy prevalent
- US financial access
Geographic Challenge
- 607 islands across Pacific
- Four constituent states
- Limited connectivity
- Infrastructure expensive
QR code standards
QR Payment Status
| Attribute | Value |
|---|---|
| Standard | None |
| Adoption | Minimal |
| Infrastructure | Limited |
| USD | Simplifies transfers |
Current Reality
- No national QR standard
- Cash primary method
- USD transactions simple
- Development needed
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Limited | Various | No | Basic |
Financial Access
- Low banking penetration
- Cash-based transactions
- International cards limited
- Development assistance needed
Schemes
No active schemes extracted. The country's report may list only generic categories (cards, cash, etc.) or mark all entries as None/N/A.
Sources
Full country report
Standards
Mentioned · 2