How does a SocialPay payment work?
SocialPay is a mobile wallet run by Golomt Bank, which its 2024 results describe as the second-largest bank in Mongolia by total assets. The shopper pays a merchant from the app by scanning the merchant’s QR code or by paying to a phone number, and confirms with a 4-digit password or fingerprint. Golomt says the service runs 24/7 and that transfers reach the recipient within 10 seconds.
SocialPay can also send invoices between users, from 100 MNT up to 1,000,000 MNT, and it handles QPay transactions without a fee, so a SocialPay user can pay a QPay QR code from the same app. For online shopping beyond the wallet, SocialPay automatically creates an international virtual card in the user’s account. The SocialPay site lists Visa, Mastercard, UnionPay and American Express virtual cards, activated free in the app.
For an online store, a payment would follow the same pattern: the shopper opens a QR code or payment request in SocialPay, checks the merchant name and amount, and confirms. Acceptance is arranged with Golomt Bank, which sets the settlement terms for the merchant.
Why does SocialPay matter for merchants?
SocialPay is where many Golomt customers keep their day-to-day money. Golomt launched it in 2017 as Mongolia’s first digital wallet, released version 3.0 in 2023 and added SocialPay Junior for children and young people. A sponsored Euromoney article reported that SocialPay users grew by 20% in the first half of 2024. Golomt has not published a total user count in the reports reviewed for this page.
The wallet keeps adding payment routes. In 2025 Golomt let SocialPay users scan WeChat QR codes to pay merchants in China, and it offers a UnionPay virtual credit card inside the app. SocialPay and SocialPay Junior won a Customer Experience Award at the Qorus Reinvention Awards 2025 in the APAC region, a first for Mongolian banking, according to Golomt’s first-quarter 2025 report.
Account-to-account payments dominate in Mongolia. The Bank of Mongolia’s real-time low-value system carried 452.9 million interbank payments in 2025, 91.7% of all interbank transactions. SocialPay gives Golomt customers a familiar way into that system, next to QPay for everyone else.
What can go wrong?
Limits are the most common reason a payment cannot be completed. Golomt sets a daily transaction limit of 1,000,000 MNT, and only 100,000 MNT for users who registered online rather than at a branch. Larger orders need a card or another route.
SocialPay is tied to one bank. Shoppers need the app and a SocialPay registration with Golomt Bank, so it works best next to QPay rather than instead of it. Refund handling is set in the merchant’s agreement with Golomt Bank, so confirm how and how quickly money goes back before launch. SocialPay is a pay-in method in this setup; a merchant that needs payouts in Mongolia would plan a separate route.
How would Omno handle SocialPay?
Omno would treat SocialPay as its own wallet route. The hosted checkout would show a SocialPay QR code on desktop and hand off to the app on mobile, and the final status would arrive by webhook before an order is released. Rules set by the merchant could show SocialPay to Mongolian shoppers next to QPay and cards, and hide it for orders above the wallet’s daily limit. Routing rules would choose the provider for each payment. If a provider is unavailable or rejects the request, the payment moves to the next provider in the rule until one accepts. The routing-decision log would show which provider handled each payment.