In an exciting development for Mongolia’s financial and tourism sectors, Khan Bank has partnered with Alipay+ to enhance digital payment experiences for international travelers. This collaboration allows users of 12 popular e-wallets from eight different countries and regions to enjoy seamless mobile payment transactions across Mongolia. The partnership was officially announced at a ceremony held at Khan Bank headquarters in Ulaanbaatar, with Ms. Erdenedelger Bavlai, First Deputy CEO of Khan Bank, and Mr. Frank Piao, Country Manager of Alipay+ Mongolia, in attendance.
Revolutionizing Payments for Tourists
Powered by Alipay+, this partnership will enable users of major Asian and European e-wallets and payment apps to make smooth and secure transactions wherever the Alipay+ logo is displayed. These include well-known names such as Alipay (China), AlipayHK (Hong Kong), Tinaba (Italy), MyPB by Public Bank Berhad (Malaysia), Touch ‘n Go Digital (Malaysia), GCash (The Philippines), Changi Pay (Singapore), OCBC Digital (Singapore), Kakao Pay (South Korea), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand).
Through a single QR code interface, local merchants can now accept payments from any of these apps, making it easier for tourists to shop, dine, and enjoy services across Mongolia. From upscale hotels and restaurants to department stores and cashmere outlets, the new system is designed to offer a streamlined payment experience.
Boosting Local Business with Alipay+ Marketing Solutions
In addition to facilitating payments, Alipay+ will provide local merchants with advanced marketing solutions. These tools will allow merchants to create promotions, distribute digital coupons, and offer discounts directly to users of these e-wallet super apps. This integrated approach aims to improve marketing efficiency and scalability, reaching consumers in their home markets.
Ms. Erdenedelger Bavlai highlighted the significance of this partnership: “Khan Bank was the first financial institution to sign an agreement with the Ant group back in 2021, enabling 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. This partnership is significant for not only Khan Bank but also for Mongolia as it contributes to the development of tourism besides securing seamless payment for tourists and travelers coming to Mongolia.”
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Mr. Danny Chung, General Manager of Alipay+ for Korea, Europe, the Middle East, and Mongolia, added, “Mongolia is one of the favorite destinations for international travelers. The partnership with Khan Bank marks a significant milestone for Alipay+ as Mongolia becomes a new destination to accept 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 travelers.”
Celebrating the Partnership
To celebrate this new partnership, Khan Bank and Alipay+ are launching a series of promotional activities. From now through October 2024, users of eight e-wallet super apps, including AlipayHK, MyPB by Public Bank Berhad, GCash, OCBC Digital, Kakao Pay, Naver Pay, Toss Pay, and TrueMoney, will enjoy a 10% instant discount when making purchases at Khan Bank’s POS terminals. More mobile payment service apps are expected to join in the coming months.
Since the post-COVID period, Mongolia has seen a steady increase in inbound travelers. The Government of Mongolia has declared 2024 and 2025 as years to visit Mongolia, with an ambitious goal of attracting one million tourists between 2023 and 2025. This partnership is set to play a crucial role in achieving this goal by providing a seamless payment experience for international visitors.
Global Impact
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. This allows consumers to travel and pay hassle-free globally, while merchants benefit from expanded cross-border consumer engagement and digital marketing.
With Mongolia as the latest Alipay+ destination, this partnership underscores the commitment to enhancing the travel experience for tourists and creating greater business opportunities and visibility for local merchants.
About Khan Bank
Khan Bank is the largest bank in Mongolia providing comprehensive financial products and services to its 2.9 million customers or 82 percent of the total population through its digital channels and 547 branches nationwide and ranks as number 2 in the country’s Top 100 private entities. Khan Bank supports MSMEs, which are the key drivers of the country’s economic growth, by offering business loan products and non-financial services such as customer training and advisory and consulting services through its SME Business Centre. In recent years Khan Bank has been actively implementing projects in line with sustainable development initiatives, aiming to be greener and offering environmentally-responsible products and services. For more information, visit www.khanbank.com.
About Alipay+
Alipay+ is a suite of cross-border mobile payment and digitalization technology solutions that help connect global merchants to consumers. Consumers enjoy seamless payment and a broad choice of deals using their preferred payment methods while travelling abroad. Small and medium-sized businesses may use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth.
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