The National Bank and the National Payment Corporation have launched a pilot project aimed at the introduction of interbank payments with the help of QR codes, the regulator’s website reported. As the initiative is in its first stage, only two financial institutions have joined the pilot project so far: Freedom Bank and Bank RBK.
The launch of an interbank QR payment service is going to unify the QR payment infrastructure. Once the project is fully operational, consumers will be able to pay for their purchases through any terminal, no matter which bank owns it. Moreover, shop owners will save money because they will no longer be required to install terminals from different banks.
The novelty is also beneficial for banks as costs related to the processing of interbank transactions are going to decrease. The National Bank expects that customers will see more functions within payment services. The project is scheduled to be scaled up in 2025.
In February, Chair of the National Bank Timur Suleimenov announced the launch of a single QR code by the end of this year. The initiative sparked concerns among some market participants about the security of personal data for regular Kazakhstanis. Some banks also said that they spent a lot of money on developing their QR technologies and would not share them with competitors.
In mid-September, Head of the National Payment Corporation Binur Zhalenov projected that the single QR code would be launched in the first half of 2025.
