In Kazakhstan, the "Social Wallet" project is being launched.

In his September address last year, President Kassym-Jomart Tokayev instructed the government to create a digital social wallet for citizens. In the spring of 2020, when social payments were being distributed to citizens, massive queues formed at banks and Kazpost branches because not everyone had bank accounts.

The social wallet, in the form of a mobile application, will be available to Kazakhstani recipients of social benefits based on their Individual Identification Number (IIN). There will no longer be a need to visit second-tier banks to open an account or update a bank card, but citizens will retain the choice of receiving social payments through a bank, post office, or the social wallet.

The development will be carried out by the Ministry of Trade and Integration, the Ministry of Digital Development, Innovations and Aerospace Industry, the Ministry of Labor and Social Protection of the Population, and the National Bank. The application will allow users to purchase goods and services using QR codes without any commissions. Users can optionally link the wallet to a bank card or another electronic wallet. Funds can also be withdrawn in cash, and they will be protected from deductions by banks, debt collectors, and tax authorities. Access to the application will be provided via two-factor authentication.

The social wallet is intended to be integrated with trading platforms, through which users will be able to purchase goods directly from agricultural producers. The Head of the Ministry of Trade, Bakhyt Sultangaliev, believes that the social wallet will enable tracking of the targeted use of budget resources.

This year, the project is planned to be tested in pilot mode, with the full launch of the social wallet scheduled for 2022. Initially, targeted social assistance (TSA) will be transferred to the social wallet, followed by all other social payments.

Source: kursiv.kz