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Kazakhstan creates good conditions for development of financial technologies - Mastercard

Kazakhstan Materials 9 September 2022 13:37 (UTC +04:00)
Kazakhstan creates good conditions for development of financial technologies - Mastercard
Nargiz Sadikhova
Nargiz Sadikhova
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BAKU, Azerbaijan, September 9. Good conditions have been created in Kazakhstan for the development of financial technologies, General Manager Central Asia at Mastercard Rafal Trepka told Trend.

Trepka noted that the "Digital Kazakhstan" state program was adopted, cashless payments are growing very rapidly, many interesting local and global players are emerging, and modern payment technologies and tools are being actively introduced in the country.

The e-commerce market is also growing rapidly, mobile wallets are actively developing, fintech companies focused on small and medium businesses are emerging, financial literacy projects are underway, and so on, he said.

"I’m glad that the country has a good level of internet penetration and a high growth rate of financial inclusiveness. This helps the implementation of Mastercard's global strategy -"cashless world" and contributes to the development of the digital economy, the effective implementation of innovative products and services," the company’s representative explained.

According to him, the COVID-19 pandemic also played a role, in accelerating the development and implementation of cashless payment solutions, which are important not only in terms of benefits and convenience but also hygiene.

“Hygiene, sanitation and social distancing have now become important factors influencing our actions. Therefore, solutions such as contactless payment technology, the development of electronic wallets, the Mastercard MoneySend money transfer service, the Tap on Phone service for small businesses, and the development of payment with smart gadgets help make processes faster, more efficient and secure," Trepka also said.

He added that despite the significant growth of cashless payments in Kazakhstan over the past few years, there is a very large field of activity in the country and many areas where both financial and non-financial solutions and technologies can be introduced.

"We are ready to help all interested market players with our experience, technologies and solutions," the general manager noted.

Trepka expressed confidence that the introduction of innovations in the payment industry contributes to the formation of a more open, safe, efficient and transparent environment for all participants, and provides even more opportunities for the widespread use of cashless and contactless payments.

"Therefore, we can say with confidence that the demand for our services is constantly growing, the interest in the company is very large, and we are optimistic about the future in Kazakhstan and the region," he concluded.

Mastercard, a global technology company operating in the payments industry, marks this year the 10th anniversary of its official activity in Kazakhstan, although it has been present in the country since the mid-90s.

The company's partners include the largest commercial banks in Kazakhstan, as well as Kazpost, which is the national postal operator. Work continues to connect new banks [to Mastercard system], as well as introduce technological and other innovations.

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