Kazakhstan introduces a unified interbank QR payment system

The National Bank of Kazakhstan has presented an initiative to launch an Interbank Mobile Payment System, which will allow customers of all banks in the country to use a single QR code for transfers and purchases. This is a significant step in the development of digital financial infrastructure, aimed at improving convenience, accessibility, and competition in the financial sector.

Banks are required to connect to the new system, making transfers between customers of different banks fast and seamless. There will be no need to search for special details or deal with restrictions when transferring funds — it will be enough to scan a single QR code and make a payment.

Currently, nine banks have connected: Halyk Bank, CenterCredit Bank, Freedom Bank, Altyn Bank, RBK, Bereke Bank, Forte Bank, Home Credit Bank, and Nur Bank. This measure is designed to simplify financial operations, reduce dependence on traditional transfer methods, and strengthen consumer protection. It will also strengthen the country's financial sovereignty by reducing the influence of foreign payment systems and creating an effective national platform.

The launch of the unified QR code system is part of a large-scale project for the National Digital Financial Infrastructure. It also includes:

— a national payment system ensuring stability and speed of transfers
— a national center for combating fraudulent transactions, which will protect users from financial crimes
— a remote biometric identification system, simplifying access to banking services and enhancing transaction security
— an open banking platform, allowing users to access various financial services through a single system
— a digital tenge platform, creating conditions for digital payments within the country.

In addition to implementing interbank QR payments, the National Bank is also developing legislative amendments establishing the status and tasks of the digital financial infrastructure. These amendments form the legal basis for regulating digital assets in Kazakhstan.

Two key changes are planned:

1. Defining the legal status of digital financial assets and launching them into circulation. This will create transparent conditions for working with digital tools and strengthen investor protection.
2. Licensing cryptocurrency services, which will help control operations with unbacked cryptocurrencies and reduce risks for users.

Additionally, a regulatory sandbox is being created at the National Bank, within which market participants will be able to test innovative services and technologies related to digital assets before they are implemented in the mainstream financial system.

The implementation of a unified QR code and the regulation of digital assets will help Kazakhstan strengthen its position in the international financial system, increase the competitiveness of the banking sector, and create a modern, convenient, and secure environment for digital payments.

Source: National Bank of the Republic of Kazakhstan