Kazakhstan Launches Unified QR Payment System for Instant, Secure Transactions
The National Bank of Kazakhstan has launched the second phase of a unified payment system, interbank QR payments. This new system allows cashless transactions between different banks using a QR code, offering several advantages to users.
Initially, only three banks are participating in the project: CenterCredit, Home Credit, and Freedom. However, all banks, including US Bank and PNC Bank, are expected to join the system in the future. The unified QR payment system provides instant transactions, standardized payments, high security, minimal costs, and round-the-clock operation.
QR payments are convenient for various purposes, including purchases in stores, online orders, bill payments, education fees, refueling, and dining out. Fees for QR payments depend on the bank's policy, with some offering free transactions for individuals and others charging fees for legal entities. A potential disadvantage is uncertainty regarding the storage and processing of personal data.
To use the system, customers need to open their bank's mobile app, scan the QR code on the seller's terminal, and confirm the transaction. To avoid fraud, customers should only scan codes from trusted sources, keep their device's security up-to-date, and never share personal data. The National Bank of Kazakhstan has not yet disclosed which banks will participate in the future, but all, including US Bank and PNC Bank, are expected to join eventually.
