Kazakhstan To Introduce One QR Code For Payments Across Banks

Kazakhstan will launch a single QR code for payments through different banks on July 19, Orda.kz reports.

National Bank Chairman Timur Suleimenov announced this at a Senate meeting. The launch is scheduled for the day after the law on financial market regulation, communications, and bankruptcy comes into force.

Mobile payments will be connected to the interbank mobile payment system. By then, all banks must complete technical updates, testing, and connection to the system.

The National Bank said the goal of interbank QR payments is to allow businesses to accept payments from clients of different banks through a single infrastructure.

This will allow merchants to reduce dependence on multiple separate solutions and expand the range of potential customers. At the same time, the number of terminals at a particular point of sale will still be determined by the entrepreneur and the banks’ service terms,the National Bank said.

Technically, the interbank QR system will allow businesses to accept payments from customers of different banks through a single interaction channel.

Original author: Ilya Astakhov

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