In just six months after Kazakhstan launched the digital tenge, its Central Bank Digital Currency, over 10 innovative CBDC card services have become available to the country’s population of 20 million.
Altyn Bank, Eurasian Bank and Halyk Bank leveraged the Way4 digital payments software system to swiftly join this CBDC project and onboard 72% of early adopters of digital tenge cards. The digital tenge footprint is expanding, with 36 new use cases in its roadmap for 2024 and 2025.
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Bank customers in Kazakhstan can apply for virtual and plastic CBDC cards and use them for both in-store and e-commerce purchases across Mastercard and Visa global networks.
Additionally, they can withdraw cash at ATMs. They can also link their cards to Google Pay, Apple Pay and Samsung Pay and monitor their CBDC card balance and transaction history through mobile banking.
More than 130 countries are actively researching or implementing CBDC.
Digital tenge project: offering consumers a tangible instrument for CBDC payments
Kazakhstan’s Digital Tenge project is pursuing several ambitious goals. These include intensifying cross-border trade, launching innovative social and anti-corruption initiatives, and enabling integration between CBDC and non-government DeFi platforms. Way4 powers card issuing and acquiring innovations for many members of the digital tenge ecosystem: Kazakhstan’s National Payment Corporation, Eurasian Bank, Altyn Bank, Halyk Bank, and national postal service Kazpost. Assisted by their partner OW Kazakhstan, three of these payments players integrated their card processing system with the Digital Tenge platform in less than two months.
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By GlobalDataFor CBDC issuance and redemption, Kazakhstan’s payment regulator selected R3’s Corda platform, supported by Way4, Corda, and other technologies.
