MineSec empowers Mongol iD as Mongolia's pioneering fintech with SoftPOS launch
PRNewswire/ -- MineSec has boosted Mongol iD's capabilities as a leading fintech firm among Mongolia's market players by helping launch a software point of sale (SoftPOS) for the latter. Through the SoftPOS solution, MineSec has enabled Mongol iD to conduct businesses directly through mobile card payments without the need of additional software.
SoftPOS converts smart devices into a secure payment terminal as opposed to traditional POS systems. This revolutionary payment technology enables scalability while minimising terminal and maintenance costs. Mongol iD is seeing opportunities to expand their business using SoftPOS technology. This is in line with a new regulatory push from the Bank of Mongolia which mandates all issued cards to possess contactless capabilities.
Mongol iD will utilise the SoftPOS solution from MineSec for the newly released MinuChat. The unified solution offers merchants various services such as account statement; transfers and payments; as well as credit and loan applications; and invoicing and subscription payments. MinuChat also includes other advanced technology features that can ease business models such as chatbot services for merchants and map-based solutions that can help navigation including delivery and merchant information.
"With the support of MineSec, we are pleased to be the pioneering fintech company in Mongolia to launch a unified merchant solution with embedded SoftPOS functionality to drive local businesses' digital transformation and enable flexible fintech solution adoption," Khaliunbat.M, Chairman, of Mongol iD, said.
"We believe that SoftPOS can bring financial inclusivity and reduce the limitations of conservative financial services. MineSec is a strategic partner and their SoftPOS technology will play a key role in helping us bring all kinds of services into the palm of our customers," he added.
MineSec's white-label SoftPOS solution meets international standards set by payment schemes like Visa, Mastercard, Discover, AMEX, UnionPay and JCB, enabling customers to scale confidently and competitively amid the international market's unique evolving needs.
"Amid the rising demand for convenient and secure payment acceptance methods, many payment service providers are pressured to provide new value-added services to their merchant networks. We enable businesses like Mongol iD to leapfrog their own SoftPOS solution development with our SoftPOS Software Development Kit (SDK). This, in return, shortens the development process and allows effective solution deployment to Mongol iD's merchant clients," said Angus Chiu, CEO, of MineSec.
Moving forward, Mongol iD is looking to tap on MineSec's technology to launch SoftPOS on iOS devices in the future.
About Mongol iD Mongol iD is a technology company based in Mongolia that offers a wide range of products and services catering to both B2C and B2B markets. Its product lines include audiobooks, map services, navigation services, loyalty systems, ERP systems, payment processing (including issuance and acquiring), as well as third-party services and solutions for banks and financial institutions and acts as a TPSP of UPI. The payment processing offered by Mongol iD's subsidiary company, 360 Finance NBFI, has a significant presence with over 22,000 merchants across the country, and processes more than 32% of the transaction volume made on POS in the Mongolian market.
To learn more about Mongol iD, please visit www.mid.mn.