Today, Terra has announced its partnership with Mongolia, the capital of Ulaanbaatar, to exploit its blockchain technology and change the way in which Mongolian citizens pay for their services and goods. Terra is a blockchain company that builds a payment system that has been powered by its stable price of cryptocurrency.
The first launch of the land payment solution will be made in the Nalaikh district in the city of Ulan Bator. It will be done through a pilot program with expansion plans throughout the city. Despite being in its early stages, the Mongolian fintech market has recently registered many successful IPOs from local startups that portray the growing potential of the market. Reacting to this result, the Mongolian government has decided to implement continuous regulations aimed at facilitating the development of fintech and start-ups such as the Central Bank of Mongolia which approved the launch of the first national digital currency license.
The vision of Earth
Terra plans to reinvent the banking system and payments in Mongolia, securing and simplifying the payment process at the click of a button and offering other financial services such as low-cost, fast loan and remittance. All of this was supported by the Mongolian government.
This partnership is geared towards Mongolia's largely money-based reform of the infrastructure, making it possible for a cost-effective and transparent digital system. The Nalaikh City pilot program will be launched with two main features: mobile payment to help build the infrastructure for contactless and secure payments and peer-to-peer (P2P) payments that allows immediate transfer between users of different banks.
Terra will work with the local government to replace the payment method for government subsidies and bills with its stable currency. This will act as an immediate step.
Earth is growing rapidly in a cryptocurrency stablecoin widely adopted through the ever-growing group of partners that includes eCommerce giants such as Tiki (Vietnam), Baemin (Korea), TMON (Korea) and Carouell (Singapore).
The capital of Mongolia is the latest addition and the first government to meet with alliance partners who will integrate payment solutions from Earth to their platforms. Until now, the Terra Alliance is known for having an annual volume of collective transactions of $ 25 billion and a total of 40 million customers. This kicked off the Earth to reach traditional consumers on a larger scale.
Terra co-founder Daniel Shin, "Recurring utility payment and P2P facilitation with Terra are some of the most important steps towards creating a blockchain-based infrastructure in finance in Mongolia. From there we will be able to provide a wider range of financial services, changing the loan, remittances and the banking industry in general.We are looking forward to working with the Mongolian government and look forward to the launch of Terra in Ulaanbaatar "The Governor, Nalaikh District, in the Capital. Radnaabazar Choijinsambuu.
The pilot program will start within the next 6 months. A special task force composed of XGround players – a fintech company with a main base in Mongolia and Terra, the Nalaikh district will help to oversee the program.