Payment methods in Marshall Islands

Oceania

4methods

1bank

The Marshall Islands uses the US dollar, which provides stable currency access but limits domestic monetary policy.

Market takeaways

The Marshall Islands uses the US dollar, which provides stable currency access but limits domestic monetary policy.
The Marshall Islands passed legislation in 2018 to issue the SOV, the world's first sovereign blockchain-based digital currency, though implementation has been limited.
The country is a beneficiary of the World Bank's Pacific correspondent banking protection project.
ADB supports the Marshall Islands with financial sector development assistance.
Cash is dominant; ATM and card acceptance is limited primarily to Majuro (the capital).

Population

0.042M

Online population

~0.025M

Banked population

~25%

Credit card population

<10%

Payment method breakdown

Cash (USD)85%
Card10%
Bank Transfer3%
Digital/Mobile2%

Card scheme breakdown

Market data coming soon.

Cross-border e-commerce

Market data coming soon.

Featured payment methods in Marshall Islands

Popular options based on coverage and prominence in this market.

SOV (Sovereign Digital Currency)

The Marshall Islands passed the Sovereign Currency Act in 2018 to create the SOV, a blockchain-based digital currency intended as legal tender alongside the USD. Implementation has been hampered by international concerns and limited technical capacity, but it represents a notable attempt at monetary innovation for a micro-state.

International Remittance Services

Western Union and MoneyGram operate in the Marshall Islands, facilitating remittances from the Marshallese diaspora, primarily in Hawaii and the Pacific Northwest of the United States. Remittances are a significant source of household income.

Cash (USD)

The US dollar is the sole official currency of the Marshall Islands and the dominant means of all transactions. Physical cash is used for the vast majority of retail purchases, especially outside Majuro.

Bank of the Marshall Islands / Bank Card Services

Bank of the Marshall Islands (BOMI) and Bank of Guam provide banking services with Visa debit card issuance and ATM access primarily in Majuro. Card acceptance is limited to larger merchants and government offices.