Kazakhstan: plans for a national payment processing system are under way

Friday 15 August 2014 10:15 CET | News

Kazakhstan aims to implement a national system for processing credit card payments, reports.

The countrys regulatory agency plans the implementation via a partnership with commercial banks and The National Bank has already been developing such a system.

Kairat Kelimbetov, National Bank Governor, has informed that the development agenda includes clearing or the channeling of all transactions through a Kazakhstani-based payment centre in parallel with the creation of a new processing centre for all the banks.

However, Askar Smagulov, deputy chairman of the Halyk Bank management board, stresses the fact that the issuance of such a payment system would come against withdrawals or payments abroad.

Similarly, analysts from the ATFBank note that a national payment system would turn local cards, at least initially, useless in foreign transactions and that an international reach would require significant investment.

On the other hand, Aliya Karibayeva, analyst with the Kazakhstan Public-Private Partnership Centre, signals that the national payments system does not come against foreign transfers because financial institutions could start distributing national payment system-linked cards to holders of international cards.

Moreover, customers going abroad could have MasterCard and Visa cards in addition to Kazakhstani cards.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Kazakhstan, national payments system, payments processor, online payments, cards, e-payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce