# Micronesia, Federated States of — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/FM
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **USD currency** US dollar used
- **Compact state** US association
- **Bank of FSM** main institution
- **Limited** digital payments
- **Development** stage infrastructure

## Banking landscape

### Central Bank
- **Name:** FSM Banking Board (no central bank)
- **Currency:** Uses US Dollar
- **Role:** Financial regulation

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | Bank of the FSM | Local | Limited |
| 2 | Bank of Guam | Regional | BOG App |

### Market Structure
- **USD economy:** Dollarized
- **Compact state:** US relationship
- **Four states:** Yap, Chuuk, Pohnpei, Kosrae
- **Cash dominant:** Primary method

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| Bank transfers | Banks | Wire | Limited |
| Card networks | Visa/MC | Cards | Limited |
| Remittances | MTOs | International | Active |

### Infrastructure Status
- USD simplifies transactions
- Limited ATM network
- Cash economy prevalent
- US financial access

### Geographic Challenge
- 607 islands across Pacific
- Four constituent states
- Limited connectivity
- Infrastructure expensive

---

## QR code standards

### QR Payment Status

| Attribute | Value |
|-----------|-------|
| **Standard** | None |
| **Adoption** | Minimal |
| **Infrastructure** | Limited |
| **USD** | Simplifies transfers |

### Current Reality
- No national QR standard
- Cash primary method
- USD transactions simple
- Development needed

---

## Mobile payment apps

| App | Provider | QR | Features |
|-----|----------|-------|----------|
| Limited | Various | No | Basic |

### Financial Access
- Low banking penetration
- Cash-based transactions
- International cards limited
- Development assistance needed

---

## Schemes

_No active schemes extracted. The country's report may list only generic categories (cards, cash, etc.) or mark all entries as None/N/A._

## Sources

- [IMF - FSM](https://www.imf.org/en/Countries/FSM)
- [UNDP - Pacific SIDS](https://mptf.undp.org/sites/default/files/documents/2024-06/federated_states_of_micronesia_republic_of_marshall_islands_palau_nauru_and_kiribati_sids.pdf)

## Full country report

[FM-micronesia.md](https://docs.barcoder.ai/docs/payments/FM)