About
QPay is a Mongolian QR payment network launched in 2019 by Innovation Investment LLC, a fintech founded in 2017 that listed on the Mongolian Stock Exchange in December 2023. A merchant shows one QPay code, and the buyer scans it with any partner app (12 bank apps and 7 e-wallets as of 2024); the payment is drawn from the account behind that app. As of 2024 the network covered more than 200,000 merchants. In the first ten months of 2023 QPay processed 98.6 million transactions worth ₮4.7 trillion. Under an April 2024 agreement with Korea's GLN International, QPay users were to gain QR payments in 11 countries and regions, including South Korea, Japan and Thailand.
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