In the first six months of 2024, the volume of electronic money transactions in Kazakhstan reached $770 million, a 30.6% year-on-year (YoY) increase, according to the National Bank.
E-money, a digital currency used for cashless payments and transfers, is growing in popularity. Several e-money services are available in Kazakhstan, including Wooppay (issued by Eurasian Bank and Halyk Bank), Qiwi Wallet (Halyk Bank), Lichnaya Kassa (Jusan Bank), ONE (Forte Bank) and AllPay (AsiaCredit Bank), among others. E-money in Kazakhstan can be issued by the National Bank, commercial banks and Kazpost.
As of the end of the second quarter of 2024, 138 payment organizations were registered in Kazakhstan, representing a 20% YoY increase. Their services turnover reached $7.9 billion, a 3.5% increase YoY. Notably, 74.4% of the total turnover was generated by the 15 largest payment organizations.
Transactions totaling over $5.2 billion were conducted via mobile devices and the internet, while $1.6 billion was handled in cash. Almaty hosts over 90% of these payment organizations, while Astana accounts for 5.8% (eight entities), Karaganda for 1.4% (two entities) and Rudny and Qonaev each for 0.7% (one entity in each town).
Payment organizations are institutions that accept cash for payments without requiring a bank account, sell electronic money and cards, process electronic transactions and transmit information to banks for settlement.
