Most Kazakhstani banks have joined the Interbank Mobile Payment System (IMPS), which is designed to simplify purchases through a single QR code. The service will officially launch on July 19, with additional features to be introduced gradually.
Speaking at the IMPS launch ceremony, National Bank Deputy Chairman Binur Zhalenov said that although the official launch is scheduled for July 19, many banks have already begun using the system, allowing customers to make purchases with a single interbank QR code.
«This is a major project for banks. As a result, some institutions may experience a stabilization period. We will work with each of them on this, but I don’t expect any major issues. The system has already processed more than 160 billion tenge ($339 million) in payments and transfers, and that figure will continue to grow,» Zhalenov said.
The system enables merchants to accept cashless payments from customers of any participating bank using a single QR code. Businesses will not need to install new equipment, as the service will work with existing payment terminals after a software update.
Plans for unified QR codes and interbank payments
According to Zhalenov, the system is about more than enabling transfers between banks. It is intended to become Kazakhstan’s national payment infrastructure, similar to international payment networks such as Visa and Mastercard. Once all banks are connected to the platform, additional services will be introduced over time.
By the end of the year, the National Bank plans to launch a bank-to-bank invoicing service. Under this system, merchants will be able to send invoices directly to customers through their banking apps, even if the customers use a different bank.
Another priority for the regulator is cross-border payments. According to Zhalenov, Kazakhstan is already negotiating integration with the payment systems of China and Kyrgyzstan. By the end of the year, Kazakhstanis are expected to be able to make QR code payments in both countries. In addition, memorandums of cooperation have been signed with the United Arab Emirates, Turkey and India.
«Third, e-commerce. More and more online stores will offer payment through our system. The advantage is that customers simply click the ‘Pay via IMPS’ button and are redirected to their bank’s app. There is no need to enter card details or any other payment information,» Zhalenov said.
He also announced that printed QR codes currently used in parking lots, public service centers, public transportation and retail stores will gradually be replaced with a single nationwide QR code. According to Zhalenov, the transition is expected to be completed by the end of the year.
The National Bank is also exploring the introduction of interbank biometric payments using palm scans, fingerprints, or other forms of biometric authentication.
