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
Read also:
Latest news
- CPC Terminal Suspends Loading Over Tanker Safety Risks
- How Much Do Kazakhstan’s Banks Charge Businesses for QR Payments?
- Company Linked to Aliya Nazarbayeva and Failed Luxury Clinic Project Liquidated in Switzerland
- Coal, Servers and Billions: How Kazakhstan Plans to Join the Global AI Race
- Billions Sent Abroad: Where Kazakhstan’s Money Transfers Go
- Fuel Smuggling Attempts Rise Amid Regional Shortages
- Kazakhstan Moves to Prevent Satellite Communications Gap
- Three New Forest Fires Reported in Abay Region
- Chinese Nationals and Local Residents Convicted in 766 Million Tenge Illegal Gold Mining Case
- Two Rare Gazelles Filmed Fighting in Charyn National Park
- Residents Raise Alarm Over Suspected Illegal Mining in Eastern Kazakhstan
- Kashagan Sulfur Dispute Escalates: Why Kazakhstan Threatened NCOC Chief With Prosecution
- Tankers Stay Away From CPC Terminal, Putting Kazakhstan’s Oil Output at Risk
- Electricity in Exchange for Crypto: Kazakhstan’s New Mining Strategy Explained
- National Falconry Team Member Kept 35 Rare Birds Illegally
- Five Fields Where University Grants Will Be Hardest to Win
- Kazakhstan to Build 3 Billion Tenge Dam Along Lake Alakol
- From Driverless Trucks to Car Leasing: What Kazakhstan’s Government Discussed Today
- Kazakhstani Gets 3 Years for Fake Army Abuse Story
- Almaty Man Beaten After Being Mistaken for a Drug Courier
