T card will be accepted for payments in Hong Kong

Within the objective to create an access and gateway abroad and expand the use of the National brand T card, the Memorandum of Understanding between the Bank of Mongolia and the EFT Solutions Limited, Hong Kong was established on June 21, 2024.

The transformation of National brand T card into the EMV/NFC chip-based technology that meets with international standards and provides confidentiality and security could unlock an access to the international market. Consequently, the National T card will be able for the payment and settlement of goods and services and will be accepted throughout Hong Kong market.           

EFT Solutions is a leading electronic fund transfer at point-of-sale (EFT-POS) solution provider, which was established in 2004 and listed on the Stock Exchange of Hong Kong Limited since Dec 2016 with approximately 60% market share.

The company's main activities are EFT-POS terminal systems and software development, development of peripheral devices, kiosks, self-service terminal, QR code payment solutions and its maintenance and hotline services, as well as expansion of payment gateway all over the region utilizing modern technological advances.    

EFT Solutions is the first company that introduced the Alipay payment system outside China and accepts all types of payment cards along with major mobile wallets such as WeChat Pay, Apple Pay, Samsung Pay, and Google Pay. Moreover, the company has launched NFC card acceptance project in Hong Kong metro and taxi service in 2023.  

The modification and improvement of the National T card’s privacy and security has authorized domestic card access to the international market and further developments to introduce accessible payment solutions such as mobile wallet payment and tokenization will be implemented in the near future.