Kazakhstan Banks to Adopt Unified QR Code Payment System

Kazakhstan's National Bank Mandates Unified QR Code Payment System for Banks Kazakhstan is moving towards a unified QR code payment system for all banks. This initiative, spearheaded by the National Bank, aims to streamline financial transactions and enhance efficiency across the banking sector. Binur Zhalanov, an advisor to the National Bank's chairman, recently provided an update on the project's progress. "Currently, ten banks are already utilizing the QR code," Zhalanov stated. "The implementation is occurring in stages, and we expect full integration by the end of the year." This phased approach allows banks to adapt to the new system gradually, minimizing disruption to their operations. The National Bank has outlined a clear timeline for the rollout, ensuring a smooth transition. The initiative is expected to benefit both consumers and businesses, simplifying payments and reducing transaction costs. This modernization of the payment infrastructure is a significant step towards improving financial inclusion and digitalization in Kazakhstan.