The introduction of a fast payment system is expected to begin in the Kyrgyz Republic. Kyrgyzstanis will have the opportunity to make payments to other banks using a phone number with such technology, the National Bank of the Kyrgyz Republic reports.
The authorities of the country have already prepared the document "Main Directions for the Development of the Payment System for 2023-2027"
All requirements for the innovation have been developed for the possibility of modernization and improvement of functionality. Its creation will allow making payments in real-time.
This system is planned to be implemented throughout the country from 2023 to 2024, and its infrastructure will be actively developed from 2024 to 2025.
In Kyrgyzstan, until today, transfers were not carried out directly, but using other mobile wallets as “intermediaries”.
According to the vice-speaker of the Parliament Jamila Isaeva, work is currently underway to use the Russian Fast Payment System.
“Our banking institutions are doing this, but the mechanism itself is still being tested,” she stressed.
Some 12 banking institutions from Tajikistan, Uzbekistan, and Kyrgyzstan are currently connected to this system.
The state-owned banks "Aiyl Bank", as well as "Dos-Kredobank" and "Bakay-bank" have suspended the service of Russian "MIR" cards since October 25.
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