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Payments General

Terra launches blockchain payment system in Mongolia

Friday 11 January 2019 | 01:57 PM CET

Terra has announced a partnership with Mongolia’s capital city of Ulaanbaatar to offer its blockchain technology for a new payment system.

Terra is a blockchain company that aims to build a payment system powered by its price-stable cryptocurrency. Its payment solution will first launch in Nalaikh District through a pilot program, with plans to reinvent payments and banking in Mongolia by simplifying and securing the payment process with the click of a button. The company also intends to provide other financial services, such as fast and low-cost remittance and lending.

Moreover, through this partnership, the goal is to reform the largely cash-based infrastructure of Mongolia, by enabling more transparent and convenient digital payments. The pilot program will have two features: P2P payments to allow instant transfer among users of different banks, and mobile payments to build the infrastructure for secure, contactless payments. As further plans, Terra will work with local government to replace the payment method of utility bills and government subsidies with its stablecoin.

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