Payments/MN
Mongolia
ISO MN · 3 schemes
Summary
- QPay is the dominant QR payment platform
- 200,000+ merchants accepting QPay QR
- 98% of digital transactions via QR/mobile
- 12 bank apps + 7 e-wallets integrated
- GLN Network cross-border expansion (June 2024)
Banking landscape
Central Bank
- Name: Bank of Mongolia (BOM)
- Website: https://www.mongolbank.mn/
- Role: Monetary policy, payment systems oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Khan Bank | Private | Khan Bank App |
| 2 | Trade and Development Bank | Private | TDB Mobile |
| 3 | Golomt Bank | Private | Golomt App |
| 4 | XacBank | Private | XacBank App |
| 5 | Chinggis Khaan Bank | Private | CK Bank App |
Market Structure
- Khan Bank: Largest (60% of households)
- QPay: Dominant QR platform
- 12 bank apps: QPay integrated
- 7 e-wallets: QPay connected
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| QPay | QPay | QR Platform | Dominant |
| Bank Apps | Various | Mobile banking | Active |
| E-wallets | Multiple | Mobile money | Active |
QPay Statistics
- 200,000+ merchants
- 99.9% payment success rate
- 12 bank apps integrated
- 7 e-wallets connected
QPay Integrated Banks
- Khan Bank
- Trade and Development Bank (TDB)
- Chinggis Khaan Bank
- Golomt Bank
- XacBank
- Others (12 total)
QR code standards
QPay QR
| Attribute | Value |
|---|---|
| Platform | QPay |
| Merchants | 200,000+ |
| Banks | 12 integrated |
| E-wallets | 7 connected |
QPay Features
- Fast, secure QR transactions
- Bank account direct payment
- Merchant QR code scanning
- Automatic payment population
How QPay Works
- Customer scans merchant QR code
- Payment details auto-populated
- Quick confirmation
- Seamless transaction complete
Merchant Benefits
- Easy QR code generation
- Linked to bank accounts
- No traditional POS needed
- Reduced operational costs
Khan Bank Digital Network
- Mongolia's largest bank
- 60% of households served
- 98% of digital transactions via QR/mobile
- QPay infrastructure backbone
Mobile payment apps
| App | Provider | QPay | Features |
|---|---|---|---|
| Khan Bank | Khan Bank | Yes | Full banking |
| TDB Mobile | TDB | Yes | Banking |
| Golomt | Golomt Bank | Yes | Banking |
| XacBank | XacBank | Yes | QR service |
| QPay Wallet | QPay | Yes | Dedicated wallet |
XacBank QPay Service
- QR code based payment service
- Merchant payments enabled
- Mobile banking integration
- Real-time settlement
Digital Transaction Dominance
- 98% via QR codes, bank transfers, or mobile money
- Cash usage declining rapidly
- Mobile-first population
- Strong smartphone penetration
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| QPay QR | Platform | QPay | 200K+ merchants | qpay |
| GLN Cross-border | International | Network | 12 regions | — |
| Bank Apps | Mobile | Various | 12 banks | — |
Sources
- PRNewswire - GLN QPay Partnership
- IBS Intelligence - GLN Mongolia
- XacBank - QPay Service
- CartDNA - Shopify QPay
- Travel and Tour World - GLN Mongolia
- Philippine Times - GLN Partnership
- AAP - GLN Cross-Border
- AAP News - GLN Mongolia
- ETHGlobal - QuickPay
- ThimPress - QPay LearnPress
Full country report
Schemes
Standards
Primary · 1
Mentioned · 2