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.

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.

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.

Moving forward, Mongol iD is looking to tap on MineSec’s technology to launch SoftPOS on iOS devices in the future.