Alipay+ partners with Khan Bank to offer digital payment services to users of 12 international e-wallets, aiming to promote tourism and business development in Mongolia.

Mobile Payments in Mongolia

The collaboration between Alipay+ and Khan Bank enables tourists from eight countries and regions to make payments in Mongolia using their preferred e-wallets. This initiative encompasses a variety of e-wallets, including Alipay, GCash, Kakao Pay, and TrueMoney, among others. Users simply need to scan QR codes to utilize these digital payment methods at various locations, from luxury hotels to local shops.

Merchants across Mongolia are expected to benefit from Alipay+'s comprehensive payment solutions. The system supports transactions using a single QR code, streamlining the payment process. Additionally, Alipay+'s marketing solutions empower merchants to create promotional activities, distribute digital coupons, and offer discounts directly to e-wallet users.

To celebrate this partnership, Khan Bank and Alipay+ plan to launch promotional activities in October 2024. Selected e-wallet users, such as Alipay Hong Kong and Kakao Pay users, are reported to receive an instant 10% discount when shopping at Khan Bank's POS terminals. It is anticipated that more e-wallet services will join in the coming months, further expanding Mongolia's digital payment landscape.

Khan Bank, Mongolia's largest financial institution, serves 82% of the population through branches and digital channels, focusing on sustainable development, supporting small and medium-sized enterprises, and providing environmentally responsible products.

Expanding Global Influence

Since its launch in 2020, Alipay+ reportedly connects over 88 million merchants in more than 50 countries. This expansion into Mongolia aims to facilitate cross-border payments and enhance the global consumer experience. By connecting local businesses with global travelers, Alipay+ seeks to promote tourism and economic growth.

Recently, Alipay+ partnered with DNA Payments, enabling over 50,000 UK merchants, particularly in the hospitality sector, to accept popular Asian e-wallets such as Alipay, GrabPay, and Kakao Pay. This integration allows tourists to make instant payments by scanning QR codes using their mobile devices, eliminating concerns about exchange rates or carrying physical cash.

Businesses can now cater to the payment preferences of Asian tourists, who are accustomed to using mobile payment solutions in their own countries, aiming to increase customer engagement and satisfaction and encourage tourists to choose merchants that offer their preferred payment methods.