...

Kazakhstan's National Bank schedules launching unified QR code system

Kazakhstan Materials 13 April 2024 11:05 (UTC +04:00)
Kazakhstan's National Bank schedules launching unified QR code system
Madina Usmanova
Madina Usmanova
Read more

ASTANA, Kazakhstan, April 13. By 2025, the National Bank of Kazakhstan intends to implement a national unified QR code system for all the country's banks, chairman of the bank, Timur Suleimenov, told journalists, Trend reports.

Suleimenov underlined that research in this area is currently ongoing. The system's goal is to develop a single, interoperable QR code that all banks will accept. As a result, customers will be able to make payments in stores regardless of which bank provided the QR code.

Earlier, the head of the National Bank emphasized the importance of reducing payment market monopolies. He emphasized that the country's two major banks have a sizable market share, and the new system will make the payment process more transparent and convenient for all players.

According to him, the system's pilot deployment will take place at the end of this year, with the complete introduction of the uniform QR code for all banks anticipated for 2025.

Tags:
Latest

Latest