Pilot project for interbank QR presented at Congress of Financiers of Kazakhstan

The National Bank of Kazakhstan and the National Payment Corporation (hereinafter referred to as NPC) launched a pilot project to introduce interbank QR payments, El.kz cites nationalbank.kz.

The first transaction was demonstrated on November 15 at the Congress of Financiers of Kazakhstan in Almaty with the participation of two second-tier banks.

The Interbank QR Payments service is one of the components of the National Digital Financial Infrastructure (hereinafter referred to as NDFI), which will allow citizens to make fast and convenient QR payments.

In particular, the introduction of Interbank QR payments will provide an opportunity for businesses to reduce the costs of installing several terminals from different banks, and for citizens to pay by QR code through a terminal of any bank in the country. In turn, banks will be able to optimize costs by reducing the cost of processing interbank transactions and expand payment services for clients as part of participation in the NDFI infrastructure.

At the moment, the functionality of the interbank QR payment system is ready and the phased connection of participating banks is underway. Scaling of the project is planned for 2025.

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