MineSec strengthens Mongol iD as Mongolia’s pioneering Fintech with SoftPOS launch
SINGAPORE, March 15, 2023 /PRNewswire/ — MineSec has strengthened Mongol iD’s capabilities as a leading fintech firm among the Mongolia’s market players by helping to launch a software point of sale (SoftPOS) for the latter. Through the SoftPOS solution, MineSec has made it possible for Mongol iD to run businesses directly through mobile card payments without the need for additional software.
SoftPOS converts smart devices into a secure payment terminal unlike traditional POS systems. This revolutionary payment technology enables scalability and minimizes terminal and maintenance costs. Mongol iD sees opportunities to expand its business using SoftPOS technology. This is in line with a new regulatory push from the Bank of Mongolia which mandates all issued cards to have contactless capabilities.
Mongol iD will use the SoftPOS solution from MineSec for the recently released MinuChat. The unified solution offers sellers various services such as statement of accounts; transfers and payments; as well as credit and loan applications; and billing and subscription payments. MinuChat also includes other advanced technology features that can facilitate business models such as chatbot services for sellers and map-based solutions that can help navigation including delivery and seller information.
“With the support of MineSec, we are excited to be the pioneering fintech company in the field Mongolia to launch a unified merchant solution with built-in SoftPOS functionality to drive local businesses’ digital transformation and enable flexible fintech solution,” said Khaliunbat.M, chairman of Mongol iD.
“We believe that SoftPOS can provide financial inclusion and reduce the constraints of conservative financial services. MineSec is a strategic partner and their SoftPOS technology will play a key role in helping us bring all types of services into the palm of our customers,” added he to. .
MineSec’s white-labeled SoftPOS solution meets international standards set by payment systems such as Visa, Mastercard, Discover, AMEX, UnionPay and JCB, enabling customers to scale safely and competitively amid the unique, evolving needs of the international market.
“Amid the growing demand for convenient and secure payment methods, many payment service providers are being pushed to offer new value-added services to their merchant networks. We enable companies like Mongol iD to skip their own SoftPOS solution development with the SoftPOS Software Development Kit. (SDK ).This in turn shortens the development process and enables efficient solution distribution to Mongol iD’s merchant customers,” said Angus ChiuCEO of MineSec.
Going forward, Mongol iD is looking to use MineSec’s technology to launch SoftPOS on iOS devices in the future.
MineSec is one Singapore-based fintech company that strives to drive innovation in secure and seamless contactless payment solutions globally. The white-label SoftPOS solution provides easy integration and customization for different business needs.
Visit MineSec’s suite of solutions at www.theminesec.com.
About Mongol iD
Mongol iD is a technology company based in Mongolia which offers a wide range of products and services for both B2C and B2B markets. Its product lines include audio books, map services, navigation services, loyalty systems, ERP systems, payment processing (including issuance and procurement), as well as third-party services and solutions for banks and financial institutions and acts as a TPSP for UPI. The payment processing offered by Mongol iD’s subsidiary, 360 Finance NBFI, has a significant presence with over 22,000 merchants across the country, processing more than 32% of the transaction volume made at POS in the Mongolian market.
To learn more about Mongol iD, please visit www.mid.mn.
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