Cashless transactions take off in Kazakhstan

Kazakhstan Materials 7 August 2023 07:30 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, August 7. From January to June 2023, people used payment cards supplied by Kazakh banks to complete 5.3 billion cashless transactions totaling 62.8 trillion Kazakh tenge, Trend reports.

This amount indicates a 1.4-fold rise over the previous year's figures in 2022, according to the country's National Bank.

In contrast, the number of cash withdrawal transactions declined by 7.6 percent compared to the same period in 2022, demonstrating a shift in the country's population toward digital payment methods.

The total number of active payment cards in circulation reached 36.4 million on July 1, 2023, representing a tremendous growth rate of 20.4 percent over June 20, 2022.

Furthermore, the infrastructure for payment of goods and services has grown significantly. The number of merchants accepting payment cards has increased by 1.8 times, reaching 702,482 businesses by June 2023.

Furthermore, the number of POS terminals installed by enterprises and banks climbed by 1.4 times to 934,000 units. The QR code payment capability is supported by up to 90.7 percent of POS terminals on the market.