Kazakhstan to launch interbank mobile money transfers in June

Starting in June, Kazakhstanis will be able to transfer money between banks using only their mobile phones. According to Binur Zhalenov, adviser to the chair of the National Bank, five banks — including Halyk Bank and Freedom Bank — will participate in the initial rollout.

The interbank mobile money transfer system, developed by the National Bank, began testing in November 2024. As of now, the regulator is gradually connecting commercial banks to the system. The service is operated by the National Payment Corporation, which has already signed agreements with nine banks: Halyk Bank, Bank CenterCredit, Freedom Bank, Bank RBK, Altyn Bank, Bereke Bank, ForteBank, Home Credit Bank and Nurbank.

«Signing agreements with these banks means they’re actively integrating with the system. We expect that by June, interbank mobile transfers will be available to clients of the first five banks — Halyk, Freedom, RBK, Altyn and Home Credit,» Zhalenov said. «The rest will be added in stages.»

Zhalenov also noted that the National Bank plans to launch an interbank QR payment service by the end of the year.

«Freedom and Bank RBK have already completed their integration. Four other banks, including Halyk, are still in the process. We expect several banks to support QR payments by year-end,» he said.

To support this digital ecosystem, the National Bank has also proposed amendments to banking legislation that would require all banks to participate.

«Starting next year, every bank in Kazakhstan will be required to join the system and support mobile money transfers,» Zhalenov emphasized.

With this new service, Kazakhstanis will be able to send money to any bank account using just a phone number, rather than a card number. Meanwhile, a unified QR code will allow consumers to make payments via any mobile banking app, regardless of their bank.