Financial analyst Andrey Chebotarev has called the unified QR code project in its current form a “stillborn” due to high fees set by the National Bank, which he says stripped the system of incentives for widespread adoption, reports infohub.kz.
“For some reason, the National Bank set very high fees, which essentially makes it a ‘stillborn project’,” Chebotarev said.
According to the analyst, the original idea was to free stores from needing terminals from different banks. However, in practice, this did not happen. “The same terminals remain in stores,” he noted.
Chebotarev believes that entrepreneurs currently see no benefit in abandoning individual bank terminals in favor of the unified QR code alone. A similar situation holds for consumers, who often lose their usual cashback and bonuses when paying through other banks. Hence, the analyst argues, neither businesses nor consumers are yet interested in a full switch to the new system.
When asked about the possible impact of the unified QR code on bank shares, Chebotarev stated that such changes are unlikely to significantly alter their market value. “Even if this system were successful, it would not affect banks’ capitalization,” he emphasized.
Earlier, National Bank Deputy Chairman Binur Zhalenov said that after the launch of the unified QR code, entrepreneurs would decide for themselves how many payment terminals they need to keep.