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Main COVID-19 pandemic-related challenges for Kazakh payment systems market named

Finance Materials 12 July 2021 13:46 (UTC +04:00)
Main COVID-19 pandemic-related challenges for Kazakh payment systems market named

BAKU, Azerbaijan, July 12

By Nargiz Sadikhova – Trend:

The acceleration of digitalization in all economic sectors became the main challenge of the COVID-19 pandemic, including for the payment systems market, the Kazakh National Bank told Trend.

The National Bank said that activity in the online systems of banks grew in conditions of limited physical contact. The new circumstances have led to the growth of e-commerce, non-cash payments, and increased trust in remote services.

“To ensure the transition of the market to remote services when opening accounts and issuing payment cards, the National Bank of Kazakhstan launched a remote biometric identification system: in April 2020 - in pilot mode, in October - in operation,” the National Bank said.

The National Bank said that the service provides for the possibility of obtaining financial services without visiting a bank or financial institution through the technology of "face recognition".

“In conditions of quarantine restrictions, the prompt launch of this service allowed banks to open bank accounts for social payments,” the representative said.

The National Bank emphasized that at the moment, remote biometric identification allows financial market participants to remotely identify customers and provide them with services such as opening bank accounts and deposits, issuing payment cards, and lending.

This service is fundamental in digital services and contributes to the expansion of the coverage of banking services, the National Bank added.

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