Over $60M transferred in Kazakhstan via ‘Faster’ payments system
Astana, Kazakhstan, Oct. 11
By Daniar Mukhtarov - Trend:
Over 11 billion tenges (more than $60.5 million) were transferred via the 'Faster' money transfers system in Kazakhstan in 8 months of 2014, according to the analytical service Ranking.kz.
This accounts for 46 percent of the country's total remittance market.
The analytical service said the 'Western Union' is the second most popular money transfer system in Kazakhstan. Some 7.3 billion tenges, or 30.3 percent of the remittance market, were transferred in 8 months via this system.
This year, the total remittances throughout Kazakhstan amounted to 24.1 billion tenges.
Some 159.3 billion tenges were transferred abroad from Kazakhstan via money transfer systems.
About 30 percent of this amount was transferred via the 'Golden Crown' system (47.2 billion tenges).
The 'Western Union' ranks second in terms of turnover of foreign remittances - 39.8 billion tenges, or 25 percent of the remittance market.
Throughout eight months of 2014, some 79.7 billion tenges were transferred from abroad to Kazakhstan via the money transfer system.
The 'Golden Crown' is the most popular money transfer system in this regard with 37.7 percent of all remittances, or 30 billion tenges.
The market share of the 'Western Union' is 18.8 percent, or 15 billion tenges.
The official exchange rate on Oct. 11 is $1/181.8 tenges.