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SocialPay digital wallet is the first application that allows you to make payments abroad

SocialPay digital wallet is the first application that allows you to make payments abroad
2020.7.3

SocialPay Digital Wallet, in partnership with UnionPay International co.,ltd, has introduced the EMV UnionPay QRC international payment service using a banking application abroad. As a result, the application became Mongolia's first digital wallet integrated into the international QR / Barcode payment system, allowing customers to pay by mobile phone not only domestically but also internationally.

For example, it is now possible to make payments via SocialPay when making purchases from UnionPay stores and service organizations in more than 50 countries, including Mainland China, South Korea, Russia, Singapore, Taiwan, Hong Kong  and Australia. To do this, bind your  UnionPay card to SocialPay APP and scan the QR / Barcode, or read the QR / Barcode at the  merchant to make a purchase.

UnionPay is the largest card payment organization (debit and credit cards combined) in the world offering mobile and online payments based on total value of payment transactions. In partnership with more than 2300 institutions worldwide, UnionPay International has enabled card acceptance in 179 countries and regions covering over 52 million merchants and about 2.9 million ATMs. Outside the Chinese Mainland, UnionPay is accepted at over 29 million merchants and 1.75 million ATMs. To date, over 8 billion UnionPay cards are issued in 61 countries and regions, among which over 130 million are issued outside mainland China. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

SocialPay is the first Mongolian digital wallet, which is founded in 2017, enables the financial transactions the easiest and most efficient way and other services. For example, it makes payments and transfers without requiring to ask for and memorize recipient’s account number, account name, available for all bank customers and no fees to transfer money. Also, it enables to make purchase of Data unit, Bill payment, Movie tickets, Insurance, Railway tickets, Entertainment, Resort and hotel, Car tax and so on. Since Golomt Bank introduced SocialPay, 93 percent of Golomt Bank's total transactions have been online, with an average of about 11 million MNT worth of 6 trillion MNT a year.

Golomt bank introduced SocialPay QR scanning service in 2019 domestically, and 11,500 major stores entered the service. And now, international payment service using SocialPay is being introduced.

SocialPay Digital Wallet

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