By Staff Writer
Mongolia has jumped to the forefront of digital currency adoption with the launch of MemePay, a payments app, which enables instant stablecoin payments nationwide at cabs, gas stations, and department stores through the Terra network, according to a press release.
The country has been chosen as the first Central Asian launchpad for Terra, which has already achieved nationwide adoption in South Korea.
MemePay is accessible through Mongolia’s widely used local messenger app known as Mongolia’s Whatsapp (MemeChat) with more than 50,000 users.
Merchants don’t need to upgrade their existing point-of-sale in order to accept payments in stablecoins. They can easily select between instant stablecoin settlements or regular fiat settlements, the statement said.
Daniel Shin, co founder of Terra, believes that the latest development marks “a new era of fintech in Mongolia which showcases how Asia is leading the adoption of blockchain-powered payments.”
“Building on our success in Korea, we’re thrilled to expand Terra’s footprint in Central Asia with Mongolia as our hub,” he said.
Battulga Namuun, founder of MemeChat, said: “MemePay will transform the payments landscape in Mongolia utilizing Terra’s blockchain technology and unique token economics.”
The latest news follows a partnership inked on December 11 between Terra and the Mongolian capital Ulaan Bataar to launch instant money transfer and lending services.Terra’s payment solution will first launch in Ulaanbaatar City’s Nalaikh District through a pilot programme, with plans to expand citywide. The programme is set to launch within the next six months.