The National Bank of Kazakhstan plans to create an open QR code system for everyone.

The National Bank plans to launch a unified QR code project in the first half of 2025, expressing hope that all banks will join this initiative.

The banking services market is dominated by two largest banks, which currently process the majority of payments. According to Bloomberg estimates based on data from lenders and the National Bank, Kaspi.kz processes about 70% of transfers and payments, while Halyk Bank handles approximately 8%. Each month, Kaspi.kz serves 14 million customers.

Timur Suleimenov acknowledged that the implementation of the unified QR code project may lead to reduced revenues for some credit institutions. Earlier in February, the head of the National Bank noted that the initiative raised concerns among banks regarding the storage and processing of personal data of Kazakhstani citizens. Some banks expressed concerns about sharing their innovations. Suleimenov did not rule out the possibility of introducing regulatory measures for banks that refuse to join the system, explaining that this is related to national payment sovereignty, which is part of economic security.

Kaspi.kz proposed to the National Bank to implement an open banking platform, which would increase competition in the banking services market and make payments and transfers for individuals and legal entities more accessible.

Source: bloomberg.com