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August 11, 2014updated 04 Apr 2017 4:06pm

Kazakhstan plans to launch national payment processing system

Kazakhstan is gearing up to establish its own national system for processing credit card payments, with the country's regulatory agency reportedly in collaboration with commercial banks.

By Verdict Staff

Kazakhstan is gearing up to establish its own national system for processing credit card payments, with the country’s regulatory agency reportedly in collaboration with commercial banks.

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Till now, this was the domain of a few international banks.

Reports emerged that the National Bank is currently engaged in developing such a system.

National Bank Governor Kairat Kelimbetov said: "This includes both clearing, that is, the channeling of all transactions through a Kazakhstani-based payment centre, and the establishment of a new processing centre for all the banks."

GALA Invest Consulting president Galina Shalgimbayeva said: "Considering today’s realities, we should have back-up payment options for our banking system."

Although few commercial banks remain sceptical of such a move as they say that it would take decades to develop such a system. They also added that competing with Visa and MasterCard could be tough.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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