Kazakhstan is developing a unified interbank QR code system, phone-number-based transfers, and cross-border payments. The new model of the payments market was presented at the Central Asia Fintech Summit 2026 in Almaty, El.kz reports.
New “Payment Banks” to emerge in Kazakhstan
Starting in October 2026, Kazakhstan will begin issuing licences to first-category payment organisations. These entities will be authorised to open customer accounts independently, issue their own payment cards, and execute transfers without the involvement of a bank.
At the Central Asia Fintech Summit, Deputy Chairman of the National Bank of Kazakhstan Binur Zhalenov explained that the reform concerns a new category of regulated financial market participants that will be authorised to provide a broad range of payment services.
The main restriction will concern traditional banking products. First-category payment organisations will not be permitted to accept deposits, provide consumer loans, or offer mortgage lending.
It will be possible to obtain a card without a bank
For consumers, the changes could be significant. Once the relevant licence has been obtained, a technology company, payment service provider, or other eligible company will be able to open a payment account for a customer and issue its own payment card.
Such an account will allow customers to pay for goods and services, transfer funds, and use the unified QR system. The new organisations will also be able to connect to national payment systems and conduct cross-border transactions.
At the same time, conventional banking services will remain within the remit of banks. Individuals seeking a mortgage, loan, or traditional deposit will not be able to obtain these products from a first-category payment organisation.
Who will be able to issue such cards?
There is already interest in the new licensing regime. According to information presented by representatives of the National Bank of Kazakhstan at the fintech summit, more than 10 prospective market participants are preparing applications for licences.
Potential entrants may include major technology ecosystems, telecommunications operators, and companies operating in the digital assets sector. For example, following the acquisition of the relevant licence, a telecommunications company could integrate payment services directly into its mobile application.
The National Bank expects the expansion of the number of market participants to strengthen competition. For consumers, this could result in the emergence of new payment services and more favourable service conditions, although specific fees and pricing will ultimately be determined by the individual service providers.
Why Does Kazakhstan need another type of financial organisation?
Non-bank payment companies have been operating in Kazakhstan for more than 10 years. Last year, transactions processed through such companies exceeded KZT 10 trillion, while more than 130 organisations are registered with the relevant authorities.
However, the capabilities of these companies remain limited. Following licensing, the new regulatory status will allow eligible market participants to issue cards independently, open accounts, and connect to the National Bank’s payment infrastructure.
One of the factors behind the reform is the structure of the country’s cashless payments market. The share of cashless transactions has approached 90%; however, there remains room for further development of payment infrastructure and specialised services in the regions and in certain market segments.
How does the unified QR system work?
Another development that consumers are already beginning to experience is the unified interbank QR code system. The system officially became operational in Kazakhstan on 19 July 2026 and enables customers to pay for purchases through the mobile applications of different banks.
Since its launch, more than 20 million transactions totalling approximately KZT 400 billion have been processed through phone-number-based transfers and the unified QR system. These figures were also announced at the Central Asia Fintech Summit.
For consumers, the key benefit of the system is that QR codes are gradually becoming less dependent on the ecosystem of a particular bank. For businesses, unified infrastructure enables them to accept payments from customers of different banks through a single payment channel.
The unified QR system will also be usable abroad
The next stage concerns cross-border payments. The National Payment Corporation of Kazakhstan and Uzbekistan’s HUMO payment system have signed a memorandum providing for reciprocal acquiring of national QR codes.
Once the project is implemented, Kazakhstanis will be able to pay for goods and services in Uzbekistan through the national UzQR system using their familiar mobile banking applications. Citizens of Uzbekistan are expected to have a corresponding opportunity to make payments through Kazakhstan’s QR infrastructure.
What will happen to fees and cashback offers?
The entry of new market participants is expected to intensify competition for customers. Payment organisations will have to compete with banking applications that already offer transfers, payment cards, QR payments, cashback programmes, and other everyday financial services.
According to the regulator’s assessment, a broader choice of payment service providers could also affect the cost of transfers. However, it is still too early to discuss specific reductions in fees or the size of future cashback offers, as the terms and conditions for the new market participants have not yet been announced.
