National Bank works on single QR code in Kazakhstan

The National Bank plans to introduce a single QR code in the first half of 2025, according to Binur Zhalenov, CEO of the National Payment Corporation of Kazakhstan.

«We are going to introduce the option for interbank transfers by phone number (or in large banks) this year, while the single QR code will be available next year. The work is in full swing!» he wrote on Instagram.

In February 2024, Timur Suleimenov, Chair of the National Bank, stated that the single QR code would be implemented in Kazakhstan by the end of 2024. Customers will be able to use it with any banking app, and as a result, entrepreneurs won’t need to choose a specific bank when installing a POS terminal.

Some participants in the financial market have expressed doubts about the initiative, questioning who will be responsible for managing and processing the personal data of Kazakhstanis.

Additionally, some banks have indicated they have no intention of relinquishing the innovations they have developed through significant investment and effort. Zhalenov also mentioned that the National Bank will launch a series of pilot projects aimed at using digital tenge in public procurement and for VAT refunds.