Top payment methods in Mongolia: A guide on best ways to pay
Wondering what the most popular ways to pay are in Mongolia? Explore the top payment options and choose wisely.
Mongolia, with a population of around 3.58 million people, has a GDP of approximately 25.80 billion making it the 121st largest economy in the world. The official currency of Mongolia is the Mongolian Tögrög (MNT)
The economy is heavily dependent on the mining and export of coal and copper. Its economy is deeply integrated with its neighbor China, which is the destination for the vast majority of its exports.
| Country | Mongolia |
|---|---|
| Population | 3.58 million |
| GDP (USD) | 25.80 billion |
| Global Ranking | 121st |
| Currency | Mongolian Tögrög (MNT) |
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What is the main payment method in Mongolia?
The Mongolian digital payment scene is dominated by QPay, a ubiquitous and interoperable QR code system that allows users to make payments from any Mongolian banking app. In the capital, Ulaanbaatar, credit and debit cards are also widely accepted and used. While physical cash, the Tögrög, is still in use, QR code payments are rapidly replacing it, even in traditional settings like local markets.
How to pay in Mongolia
Each country has its own way of moving money, and choosing the right method can sometimes be difficult. That’s why we have curated the most popular and best payment options for you to use in Mongolia.
| Payment Method | Description | Type |
|---|---|---|
| Wise | Wise provides international money transfer services. It is known for offering transparent, low-cost currency exchange rates and fast transfers. Wise uses the mid-market exchange rate and charges a small, upfront fee, making it a cost-effective alternative to traditional banks for sending money abroad. The platform also offers multi-currency accounts, allowing users to hold and manage money in multiple currencies. | Online/In-person |
| QR Code Payments | Payments via QR code using a banking or digital wallet app (like QPay) are an extremely popular and dominant digital payment method for retail of all sizes. | Online/In-person |
| Cards (Debit/Credit) | Debit and credit cards are a very common payment method, especially in the capital, Ulaanbaatar. | Online/In-person |
| Cash (Tögrög) | Cash is still a primary payment method and is used frequently for all types of transactions across the country. | In-person |
| Bank Transfers | Direct transfers between bank accounts, often via a mobile app, are a common way to pay for goods and services. | Online |
Is PayPal available in Mongolia?
Yes, PayPal is accepted in Mongolia.
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Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.