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    500,000 UnionPay Cards to be Issued by the Largest Commercial Bank in Mongolia
    UnionPay card becomes the major payment method in Mongolia
    2020-03-17


    UnionPay International announces today that it has reached cooperation with Khan Bank, the largest commercial bank in Mongolia, to issue about 500,000 UnionPay cards in two years. By then, every two Mongolian residents will be holding one UnionPay card on average.

    The UnionPay card has become a major payment method in Mongolia: it is accepted by all the ATM and POS terminals in Mongolia and the number of UnionPay cards issued is the largest among all international card brands. To date, nine mainstream institutions in Mongolia have issued about one million UnionPay cards in total, of which over 450,000 are issued by Khan Bank. The transaction volume of these Mongolia-issued UnionPay cards increased by over 10% in 2019.

    Recently, the Mongolian government and people have helped and supported China in many ways since the outbreak of COVID-19, demonstrating the long-held friendship and close ties between the two countries. Aiming to provide high-quality payment services to more Mongolian residents and to facilitate the personnel exchanges between the two countries, UnionPay International partners with Khan Bank to issue in large scale a variety of card products including debit, credit and business cards which all equipped with contactless payment functions. The two sides will carry out in-depth cooperation in the field of mobile payment too. Khan Bank will enable a large number of merchants to accept UnionPay QR-code-scanning-based payment services in 2 years.

    In recent years, UnionPay International have achieved many progress in the localization of its business outside mainland China. More than 130 million UnionPay cards have been issued in 60 countries and regions outside mainland China. In addition to Mongolia, UnionPay has become the largest payment brand in Laos and Myanmar, as well as the second largest payment brand in Pakistan. In Russia, Kenya, and the Philippines, UnionPay card is the payroll cards, student cards and citizen card of local residents.

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