The popularity of payment systems varies by region: in Asia, Alipay and Wechat dominate, while Apple Pay and Google Pay are more widespread in North America and Europe. For example, Apple Pay has 774 million active users, while Google Pay has between 200 to 250 million.
Google Pay is a convenient and multifunctional tool for contactless payments, popular among users due to its versatility and ability to integrate with various devices.
With the launch of Google Pay, Mongolia has gained the opportunity to simplify the process of making fast and secure payments both within the country and abroad, using advanced technologies that meet international standards. Additionally, part of the 200-250 million users traveling in Mongolia can take advantage of Google Pay, which could potentially attract significant investments.
It is noteworthy that about 70% of mobile device users in Mongolia prefer Android-based phones, and the implementation of Google Pay will allow them to make payments easily and quickly.
It is important to note that the launch of Apple Pay in Mongolia took place in 2024.
Furthermore, this innovation will accelerate transaction processes for financial institutions, which, in turn, will increase customer satisfaction. Google Pay complies with international data protection standards, encrypting payment information and applying biometric authentication (such as facial recognition and fingerprints) to ensure user data security.
It is important to note that with the emergence of Google Pay in Mongolia, the number of international payment channels using the national ₮-card has increased by one, which is a significant step towards the development of global electronic payment systems and simplifying international transactions.
Many banks and fintech companies face high costs in developing the necessary software and hardware infrastructure to implement services like Google Pay and Apple Pay. In this regard, the Central Bank of Mongolia will support financial institutions in creating a unified center with a common infrastructure, allowing for the distribution of costs and benefits from new technologies.
Tatar S. Maidar
source: MiddleAsianNews
