Payments/MH
Marshall Islands
ISO MH · 0 schemes
Summary
- USD currency US dollar used
- Remittances 12% of GDP
- Limited banking infrastructure
- US association Compact state
- Development stage payments
Banking landscape
Central Bank
- Name: Banking Commissioner (no central bank)
- Currency: Uses US Dollar
- Role: Financial regulation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Bank of Marshall Islands | State | Limited |
| 2 | Bank of Guam | Regional | BOG App |
Market Structure
- USD economy: Dollarized
- Compact state: US relationship
- Limited banking: Few services
- Remittance dependent: 12% GDP
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 currency simplifies transfers
- Limited local payment innovation
- Remittances significant
- US financial system access
Compact Association
- Free association with US
- US postal service
- US financial access
- Defense relationship
QR code standards
QR Payment Status
| Attribute | Value |
|---|---|
| Standard | None |
| Adoption | Minimal |
| Infrastructure | Limited |
| USD | Simplifies transfers |
Current Reality
- No national QR standard
- USD transactions simple
- International cards work
- Future development potential
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Limited | Various | No | Basic |
Remittance Focus
- 12% of GDP from remittances
- US diaspora transfers
- Money transfer operators
- Wire services active
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