📋 Tender Overview
Bank of Mongolia BoM with the help of Mastercard recently launched its MChip -Cards in December 2021. Developed within the framework of the historical MChip technology licensing agreement the -Cards scheme which integrates the the symbol of the tugrik the national currency of Mongolia has now been effectively enabled by Mastercard MChip technology to better play its vital role as the main payment instrument of the Mongolian national economy.Anar Enkhbold Director of the Payment Systems Department of BoM stated the MChip -Cards are now available to customers through all eleven of our commercial banks and card issuing fintech companies. The introduction of the MChip will better protect the security and privacy of the national payment -Cards and will eliminate the risks and safety issues that Mongolia has encountered with previous magnetic standards allowing the -Cards to continue their vital role as the main payment instruments for facilitating the entry of money into the countrys economy and banking sector.Ari Sarker President Asia Pacific Mastercard also praised the milestone stating This is a giant leap forward that will greatly benefit Mongolian consumers as well as the business community. Mongolia has demonstrated remarkable resilience in confronting the pandemic with sustainable and inclusive growth emerging as one of the countrys key priorities. To this end Mastercard is proud to actively assist Mongolias national agenda and effectively enable the Mongolian payment ecosystem through the deployment of the MChip EMV security standard.In Mongolia there are around 2.6 million -Cards in circulation that will be replaced by MChip comprising 62 of the payment card market share. With the renewed MChip -Cards cardholders will be able to enjoy contactless functionality in addition to other advanced options such as transportation fee payments for parking and public transport. Looking to the immediate future BoM is also working on implementing tokenization to facilitate and promote mobile payments in the country as well as working through the approval process for standardized QR code payment messaging specifications that will help to benefit the payments ecosystem.In 2019 BoM signed an MChip technology licensing agreement with Mastercard. As part of the agreement BoM also announced Mastercard as its partner of choice for the implementation of its chip migration with plans to adapt the Mastercard MChip standard for the EMV Migration of the national -Cards scheme of Mongolia. The agreement - celebrated as the first time that Mastercard MChip was selected as a national EMV standard - marked a significant milestone for the whole of the Asia Pacific region on its journey towards becoming a cashless economy. With this launch every major market in the Asia Pacific region has now adopted the EMV standard.With the success of the recent launch the groundwork has been laid for Mastercard to import the innovative technology that it is best known for powering smart cities accelerating financial inclusion and enabling digital identity while also bringing in the contactless programs and initiatives seen in places like Sydney New South Wales and Singapore to the land of Mongolia.
