The UnionPay card has become a major payment method in Mongolia
UnionPay partners Mongolia’s largest bank. Source:?shutterstock.com
UnionPay International has announced a collaboration with Khan Bank aimed to issue over 500,000 UnionPay cards in two years. It is estimated that by 2022, every two Mongolian residents will be using one UnionPay card on average.
According to the information, all the ATM and POS terminals across the country are accepting UnionPay cards. For now, 9 institutions in Mongolia have issued more than 1 million UnionPay cards in total, with 450,000 issued by Khan Bank. Besides, the transaction volume of the Mongolia-issued UnionPay cards grew by over 10% in 2019.
UnionPay and Khan Bank plan to issue debit, credit and business cards which all equipped with contactless payment functions. What is more, both partners will carry out in-depth cooperation in the field of mobile payment as well. By 2022, Khan Bank will enable a large number of merchants to accept UnionPay QR-code-scanning-based payment services.
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