MONGOLIA | Leading Mongolian full-service bank, Khan Bank, and mobile payment platform Alipay+ have partnered to create seamless payments.
Users of 12 popular overseas e-wallets from eight countries and regions will have a seamless digital mobile payment experience in Mongolia due to the partnership between Khan Bank, the leading Mongolian full-service bank, and Alipay+, a suite of cross-border mobile payment and digitalisation technology solutions operated by Ant International.
Powered by Alipay+, users of these popular Asian and European e-wallets and payment apps will enjoy a smooth and secure payment experience in Mongolia whenever they encounter the Alipay+ logo at participating merchants ranging from established hotel chains and restaurants to department stores and cashmere outlets located throughout the country. Through the one-stop integration feature provided by Alipay+, these merchants are able to accept payments from these mobile payment apps on the same QR code interfaces displayed at physical stores or by scanning the QR code in the user’s app.
In addition, Alipay+ marketing solutions will also enable local merchants the ability to create promotions and distribute digital coupons and discount offers directly reaching users of those e-wallet super apps in their respective markets – all at the same time to achieve better marketing efficiency and scalability.
Popular e-wallets and bank apps newly brought into Mongolia by Alipay+ include Alipay (Chinese mainland), AlipayHK (Hong Kong SAR, China), Tinaba (Italy), MyPB by Public Bank Berhad and Touch ‘n Go Digital (Malaysia), GCash (The Philippines), Changi Pay and OCBC Digital (Singapore), Kakao Pay, Naver Pay and Toss Pay (South Korea), and TrueMoney (Thailand).
As a celebration of the new partnership between Alipay+ and Khan Bank, a series of promotion activities will be launched until October 2024. Users of eight e-wallet super apps, namely AlipayHK, MyPB by Public Bank Berhad, GCash, OCBC Digital, Kakao Pay, Naver Pay, Toss Pay, and TrueMoney, will get a 10 percent instant discount when making their purchases on Khan Bank’s POS terminals until October 2024. More mobile payment service apps are expected to join in the coming months.
Erdenedelger Bavlai, First Deputy CEO of Khan Bank, said Khan Bank was the first financial institution to sign an agreement with the Ant group back in 2021, enabling an international payment process through Alipay.
"This time, we are delighted to expand our partnership with the group and accept digital payment of users from eight countries and regions powered by Alipay+ on Khan Bank terminals for the first time in the Mongolian market," said Bavlai.
He added that this partnership was significant for Khan Bank and Mongolia as it has contributed to the development of tourism and secured seamless payment for tourists and travellers who come to Mongolia.
“Mongolia is one of the favourite destinations for international travellers. The partnership with Khan Bank marks a significant milestone for Alipay+ as Mongolia becomes a new destination for accepting cross-border mobile payments powered by Alipay+. This partnership is a testament to our commitment to bringing a convenient and secure digital payment experience for international travellers,” said Danny Chung, General Manager of Alipay+ Korea, Europe, the Middle East and Mongolia.
“Together with Khan Bank we are connecting local businesses with international visitors, offering better travel experience to tourists and greater business opportunities and visibility for local merchants.”
Since post-COVID, Mongolia has seen an increase in inbound travellers in the past three years. In addition, the Government of Mongolia has announced 2024 and 2025 as years to visit Mongolia with an ambition to receive one million tourists from 2023 through 2025.
Introduced by Ant International in 2020, Alipay+ now connects over 88 million merchants in more than 50 countries and regions to over 25 e-wallets and bank apps, allowing consumers to travel and pay hassle-free globally, and merchants to expand cross-border consumer engagement and digital marketing.
In addition to Mongolia as the latest Alipay+ destination, Alipay+ partner wallets have already been accepted at various major global destinations, including the Chinese mainland, Hong Kong SAR, Singapore, Thailand, Malaysia, The Philippines, South Korea, Japan, Europe and the Middle East.
