Golomt Bank, the first card issuer and acquirer bank in Mongolia launched the nation's first EMV Chip Card in compliance with the EMV standards--the safest card service standard worldwide.

The name EMV stands for initial letters of EuroPay, MasterCard and Visa, the three companies which originally cooperated to improve card security. Since then, more than 25,000 banks around the world began to migrate from Magnetic Stripe Cards to EMV standard, which enhances transaction security and operation efficiency, and boosts multi-application capabilities.
During a news conference held on 20th October 2008, Mr. Batbileg, the Director of Golomt Bank Card Center, announced, "We have successfully completed the EMV Card project which commenced in January 2008. This is not only our success but it also indicates Mongolia's success in joining a global trend by upgrading the card system to the new EMV technical standard. It has brought a revolution to Mongolia`s Card System."
Golomt Bank offers various debit and credit card products of MasterCard Worldwide and Visa International brand to its customers. In conjunction with the shift to EMV standard, the Bank announces promotional campaign for EMV Chip Cardholders, including free upgrading to EMV chip cards for existing cardholders.
The Bank retains its leading position in the Card market of Mongolia by offering various types of cards and issuing co-brand cards in cooperation with the leading companies of the nation. The Bank`s current number of Cardholders exceeds 400,000, making 60 percent of the market share in transaction volume. More than 400,000 ATMs of 25,000 banks and 30 million card merchants in more than 210 countries of the world accept Golomt Bank MasterCard and Visa cards, now in more secure fashion.
A pioneer of the payment card service in Mongolia, the Golomt Bank is implementing various new product projects. The EMV Chip Card service is the Bank`s first gift for its customers within the framework of the 10th year Anniversary of Mongolia’s payment card system.

 

Source: Montsame