National Bank of Kazakhstan developing remote identification service

Finance Materials 20 July 2021 16:58 (UTC +04:00)
National Bank of Kazakhstan developing remote identification service

BAKU, Azerbaijan, July 20

By Nargiz Sadikhova - Trend:

The National Bank of Kazakhstan is working to further develop the remote identification service and expand the composition of its participants, the National Bank of Kazakhstan told Trend on July 20.

The main challenge of the COVID-19 pandemic was the increasing pace of digitalization in all spheres, including the payment market, the message said.

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

"Kazakhstan is also working on the development of an instant payment system,” the bank said. “The system allows conducting retail payments and money transfers among banks instantly around the clock by using various payment instruments."

Presently, remote biometric identification allows financial market participants to remotely identify customers and render them such services as opening bank accounts and deposits, issuing payment cards and lending.


Follow the author on Twitter: @nargiz_sadikh