1945

High level of bancarisation of the Mongolian population is conducive to the development of electronic financial services and payments, which are widely used nationally, with e-banking and multiple e-wallets solutions dominating the picture. QR code payments are also gaining popularity. Besides focusing on electronic payments, the new National Payment Strategy aims at bridging the gaps in banking supervision and capital adequacy issues. These steps might pave way to deblocking cross-border payments, which multiple stakeholders perceive as problematic due to being much less seamless compared to the domestic ones and subject to high transaction fees. Currently, most of them are built around the SWIFT remittances transfer mechanism, with few other solutions present in the market.

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