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Starting July 19, all banks in Kazakhstan are set to integrate into a single interbank QR payment system. This significant development, announced by the National Bank, aims to streamline financial transactions for citizens across the country.

Unified Mobile Payment System

The new system, known as the Interbank Mobile Payments System, will enable users to transfer money using just a phone number and make payments via QR codes, regardless of which bank they use. This integration becomes mandatory for all financial institutions following recent legislative changes.

Widespread Adoption Underway

Currently, 16 banks have agreed to join the system. Of these, 12 are equipped for interbank transfers, while 7 banks, along with Kazpost, will support QR payments. One bank is already in the testing phase, with others actively continuing their preparations.

National Bank Confirms Readiness

The National Bank has confirmed the system's readiness, emphasizing that the speed of each bank's integration depends on their individual technical preparedness. This initiative is not expected to hinder banks from developing their own services; instead, it is anticipated to foster greater competition and expand options for consumers.