transbank

China’s number one payment and digital wallet service by Tencent Holdings Limited’s WECHAT PAY international payment system, introduced in 64 countries, has been officially launched in Mongolia. Mongolia has become the 65th country to introduce WECHAT PAY, and the Mongolian currency MNT is the 25th supported currency of the WECHAT PAY system.

The Transport Development Bank is allowing Chinese tourists and businesses and Mongolian Businesses great opportunities to perform payments and receive payments via WeChat in Mongolia with the cooperation of the “KKTT” LLC that provides Qpay services.

In 2011, Wechat was Launched in China is currently the most widely used application and ranks fifth in the world in terms of active user numbers.

With the official system access in Mongolia, Chinese citizens will be able to make the following payments in Mongolia.

1. Scan to Pay – Wechat users make transactions via static QR scans
2. Scan to Pay – Wechat users make transactions via dynamic QR scans
3. In-App Pay – The deep link for the invoice and Mini Program Pay for payment will be available on the Merchant application soon.

1. If you want to become a merchant, open an MNT current account at any of the Transport and Development Bank branch that is nearest to you;
2. Making a merchant agreement;
3. To make a system connection, obtain the API key from “KKTT” LLC
4. Duration for a payment to be credited: The settlement date is T+1 day after the transaction.
5. Transaction Fee: Hence it is an international transaction, transaction fees are 2%

Question: How do customers register as a merchant of WeChat?

Answer:

Hello Dear Customer, Business entities and individuals providing services in Mongolia are able to receive WeChat Pay and if would like to join as a merchant:

To open an MNT current account at any of the Transport and Development Bank;

You can register as a merchant by filling out a WeChat Pay agreement and form provided by a customer service representative at any of the Transport and Development Bank branches.

Question: Would it be possible to connect your MNT account directly?

Answer:

Hello Dear Customer. Yes, hence the tugrik MNT current account is opened, and the transaction will be credited directly to the tugrik MNT account.

Question: Is it possible to transfer CNY from Mongolia to China?

Answer:

Currently, it is unavailable to make a transaction from Mongolia to China via WeChat Pay, and only possible to receive payments from China.

Question: Can Mongolian citizens connect their cards to WeChat pay?

Answer:

Hello Dear Customer. Unfortunately, according to WeChat Pay regulations, Mongolian citizens are not able to make card transactions.

Question: What is the merchant fee? How is the exchange rate difference determined?

Answer:

As for the exchange rate, it will be credited to the customer’s MNT account at the Transport and Development Bank based on the spot exchange rate provided by Wechat.

Question: How long does it take for WeChat Pay to approve the merchant agreement? When to be able to receive the QR code?

Answer: Once the Merchant signs a WeChat Pay service agreement, once WeChat approves, connect to a QR code and issue a merchant’s QR code within 2-3 working days.