How Much Do Kazakhstan’s Banks Charge Businesses for QR Payments?
Photo: Olga Ibraeva / Orda.kz
Businesses began complaining about high fees after Kazakhstan launched its unified QR payment system. The National Bank has now explained how the charges are calculated, Orda.kz reports.
By law, the fee charged to a business for accepting an interbank QR payment cannot exceed the bank’s fee for accepting card payments.
If the buyer and seller use the same bank, that bank sets the fee itself.
If they use different banks, the fee is divided between the two institutions. The buyer’s bank receives 1%, which helps fund cashback and rewards programs. The seller’s bank receives the remainder.
Banks also pay the system operator 0.05% for each unified QR payment. Phone-number transfers remain free for banks.
The National Bank said commercial banks set their own final rates for businesses because they also cover infrastructure, maintenance and payment-terminal costs.
The regulator promised to monitor banks’ fees. It noted that cooperation with the industry had already reduced interbank card fees from 1.8–2.45% to 1–1.4% over the past two years.
Around one million transactions have passed through the new system since July 17.
The National Bank plans to expand the system to include transfers to companies and government agencies, as well as international transfers.
Original author: Eva Golovintseva
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