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    Kazakhstan

    Kazakhstan reduces its dependency on cash as means of financial transactions

    Kazakhstan reduces its dependency on cash as means of financial transactions

    A recent report from the National Bank of Kazakhstan has revealed an increase in the use of payment cards within the country's financial market. The data indicates a decline in the frequency of cash withdrawals, with a 7.6% decrease observed compared to last year.

    During the first half of 2023, Kazakh banks have facilitated approximately 5.4bn transactions, amounting to a total value of around $161bn. Besides, there has been a 1.4-fold increase in non-cash transactions, with individuals engaging in 5.3bn transactions worth $139bn utilizing payment cards issued within the Central Asian country.

    Most non-cash transactions are conducted online through Internet and mobile banking, accounting for a market share of 73.5%.

    On an average day, over 21.3mn transactions are performed through digital banking mechanisms, with a total value of $660mn.

    As of early July, there were 36.4bn active payment cards within Kazakhstan, representing a 20% increase from the previous month. The number of trade enterprises accepting payment cards has also risen, with a 1.8-fold increase observed compared to last year.

    Currently, 702,482 enterprises accept payment cards, and the number of POS terminals has increased by 1.4 times, with entrepreneurs and banks jointly operating approximately 934,000 units. 90% of these terminals support the function of QR payment.

    The report highlights the increasing trend towards digital payment methods within Kazakhstan, with a shift away from traditional cash-based transactions. The data indicate a growing preference for the convenience and security of payment cards, particularly in online transactions. As such, it is expected that the use of payment cards will continue to rise, with further growth anticipated in the number of enterprises accepting such payment methods.

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    28.07.2023, 16:41   Comments (0)   1272
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