# Mongolia — payment codes and schemes

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

## Summary

- **QPay** is the dominant QR payment platform
- **200,000+ merchants** accepting QPay QR
- **98%** of digital transactions via QR/mobile
- **12 bank apps + 7 e-wallets** integrated
- **GLN Network** cross-border expansion (June 2024)

## Banking landscape

### Central Bank
- **Name:** Bank of Mongolia (BOM)
- **Website:** https://www.mongolbank.mn/
- **Role:** Monetary policy, payment systems oversight

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | Khan Bank | Private | Khan Bank App |
| 2 | Trade and Development Bank | Private | TDB Mobile |
| 3 | Golomt Bank | Private | Golomt App |
| 4 | XacBank | Private | XacBank App |
| 5 | Chinggis Khaan Bank | Private | CK Bank App |

### Market Structure
- **Khan Bank:** Largest (60% of households)
- **QPay:** Dominant QR platform
- **12 bank apps:** QPay integrated
- **7 e-wallets:** QPay connected

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| QPay | QPay | QR Platform | Dominant |
| Bank Apps | Various | Mobile banking | Active |
| E-wallets | Multiple | Mobile money | Active |

### QPay Statistics
- **200,000+ merchants**
- **99.9% payment success rate**
- **12 bank apps** integrated
- **7 e-wallets** connected

### QPay Integrated Banks
- Khan Bank
- Trade and Development Bank (TDB)
- Chinggis Khaan Bank
- Golomt Bank
- XacBank
- Others (12 total)

---

## QR code standards

### QPay QR

| Attribute | Value |
|-----------|-------|
| **Platform** | QPay |
| **Merchants** | 200,000+ |
| **Banks** | 12 integrated |
| **E-wallets** | 7 connected |

### QPay Features
- Fast, secure QR transactions
- Bank account direct payment
- Merchant QR code scanning
- Automatic payment population

### How QPay Works
1. Customer scans merchant QR code
2. Payment details auto-populated
3. Quick confirmation
4. Seamless transaction complete

### Merchant Benefits
- Easy QR code generation
- Linked to bank accounts
- No traditional POS needed
- Reduced operational costs

### Khan Bank Digital Network
- Mongolia's largest bank
- 60% of households served
- 98% of digital transactions via QR/mobile
- QPay infrastructure backbone

---

## Mobile payment apps

| App | Provider | QPay | Features |
|-----|----------|------|----------|
| Khan Bank | Khan Bank | Yes | Full banking |
| TDB Mobile | TDB | Yes | Banking |
| Golomt | Golomt Bank | Yes | Banking |
| XacBank | XacBank | Yes | QR service |
| QPay Wallet | QPay | Yes | Dedicated wallet |

### XacBank QPay Service
- QR code based payment service
- Merchant payments enabled
- Mobile banking integration
- Real-time settlement

### Digital Transaction Dominance
- 98% via QR codes, bank transfers, or mobile money
- Cash usage declining rapidly
- Mobile-first population
- Strong smartphone penetration

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [QPay QR](https://docs.barcoder.ai/docs/payments/MN/qpay-qr) | Platform | QPay | 200K+ merchants | [`qpay`](https://docs.barcoder.ai/docs/standards/qpay) |
| [GLN Cross-border](https://docs.barcoder.ai/docs/payments/MN/gln-cross-border) | International | Network | 12 regions | — |
| [Bank Apps](https://docs.barcoder.ai/docs/payments/MN/bank-apps) | Mobile | Various | 12 banks | — |

## Sources

- [PRNewswire - GLN QPay Partnership](https://www.prnewswire.com/apac/news-releases/gln-international-partners-with-sendmn-and-qpay-expands-the-qr-cross-border-payment-network-to-mongolia-302104463.html)
- [IBS Intelligence - GLN Mongolia](https://ibsintelligence.com/ibsi-news/gln-international-sendmn-and-qpay-expand-qr-payment-network-to-mongolia/)
- [XacBank - QPay Service](https://www.xacbank.mn/product/52?lang=en)
- [CartDNA - Shopify QPay](https://www.cartdna.com/en_GB/shopify-payment-methods/QPay)
- [Travel and Tour World - GLN Mongolia](https://www.travelandtourworld.com/news/article/gln-international-collaborates-with-sendmn-and-qpay-to-extend-qr-payment-network-to-mongolia/)
- [Philippine Times - GLN Partnership](https://www.philippinetimes.com/news/274223411/gln-international-partners-with-sendmn-and-qpay-expands-the-qr-cross-border-payment-network-to-mongolia)
- [AAP - GLN Cross-Border](https://www.aap.com.au/aapreleases/cision20240401ae76379/)
- [AAP News - GLN Mongolia](https://aapnews.aap.com.au/aapreleases/cision20240401AE76379)
- [ETHGlobal - QuickPay](https://ethglobal.com/showcase/quickpay-rxu7v)
- [ThimPress - QPay LearnPress](https://thimpress.com/product/qpay-add-on-for-learnpress/)

## Full country report

[MN-mongolia.md](https://docs.barcoder.ai/docs/payments/MN)