Alipay+ has partnered with Khan Bank to enable digital payments for users of 12 international e-wallets, a move that aims to boost tourism and businesses across Mongolia.
Supporting Payments in Mongolia
According to the press release, the collaboration between Alipay+ and Khan Bank enables tourists from eight countries and regions to use their preferred e-wallets to make payments across Mongolia. This initiative covers a wide array of e-wallets, including Alipay, GCash, Kakao Pay, and TrueMoney. These digital payment methods can be used at various locations, from luxury hotels to local shops, by scanning a QR code.
Merchants across Mongolia are expected to benefit from Alipay+'s integrated payment solutions. The system supports transactions using a single QR code for a simplified payment process. Additionally, Alipay+ marketing solutions enable merchants to create promotions, distribute digital coupons, and offer discounts directly to e-wallet users.
To mark this partnership, Khan Bank and Alipay+ aim to launch promotional activities through October 2024. Users of selected e-wallets, such as AlipayHK and Kakao Pay, will reportedly receive a 10% instant discount when making purchases at Khan Bank's POS terminals. More e-wallet services are expected to join in the coming months, further expanding the digital payment landscape in Mongolia.
Khan Bank is Mongolia's top financial institution, serving 82% of the population through its network of branches and digital channels. The bank focuses on sustainable development by supporting MSMEs and offering environmentally responsible products.
Expanding Global Reach
Since its introduction in 2020, Alipay+ has reportedly connected over 88 million merchants in more than 50 countries. This expansion into Mongolia is part of an effort to facilitate cross-border payments and enhance consumer experiences worldwide. By linking local merchants with global travelers, Alipay+ seeks to boost tourism and economic growth.
Most recently, Alipay+ collaborated with DNA Payments to enable over 50,000 UK merchants, especially in the hospitality sector, to accept payments through popular Asian e-wallets like Alipay, GrabPay, and Kakao Pay. This integration allows tourists to make instant payments by scanning a QR code with their mobile devices, eliminating concerns about currency 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 home countries. This change aims to boost customer engagement and satisfaction, encouraging tourists to choose establishments that offer their preferred payment methods.
