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National ₮ card renewed with EMV chip technology
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Within its goal to develop the payment system, the Bank of
Mongolia made its first step of bringing Mongolia’s national payment ₮ card
into a new level or renewing it with EMV chip technology, in collaboration with
the Asian Development Bank through the ‘Payment System Modernization Project’.
Upgrading national brand ₮ card into EMV/NFC technology will
greatly improve safety and security and be important step to introduce advanced
solution of mobile payment in the future.
Within this framework, the BoM signed a cooperation agreement
with Mastercard, leading global payments and solutions company, on November
12. Deputy Governor of BoM Mr. Lkhagvasuren Byadran and Co-President
for Asia Pacific at Mastercard Mr. Ling Hai signed the agreement, with presence
of authorities of the BoM, Financial Regulatory Committee, Communications
Regulatory Commission of Mongolia, Mongolian Bankers Association banks and
fintech companies.
In cooperation with commercial banks of the country, the Bank of
Mongolia successfully introduced national ₮ card, symbolically named as
national currency ‘Tugrug’, in 2012. As of the second quarter of 2019, the
national ₮ card makes up 74.9 percent of the market, with the use of 2.7
million pieces in total.
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