Instant payments by phone number in Kazakhstan: National Bank comments

Tengrinews.kz - The National Bank of Kazakhstan has clarified whether a phone number-based instant payment system, similar to Russia’s, will be launched in the country.
In response to an inquiry about implementing a commission-free interbank transfer system using phone numbers, the National Bank stated that there are currently no such plans.
As of November 15, 2024, interbank QR payments have been introduced in Kazakhstan, with banks being gradually connected to the service. Full-scale rollout and availability for customers are expected in 2025.

"The pace of integration and scaling of the system for customers depends on the readiness of each bank, including their technological capabilities, process optimization, and requirements. The implementation of new services, as well as rules and tariffs, are discussed and established in collaboration with participating banks," the National Bank explained.

The financial regulator also mentioned that services enabling payments for e-commerce businesses and cross-border transactions (e.g., purchasing goods from Russia) could be introduced in the future as part of the phased development of the system.
Economist Eldar Shamsutdinov noted that simplifying the payment process can stimulate trade but may also increase risks of online fraud.

"There is already a demand in Kazakhstan for fast and convenient money transfers, so introducing a unified interbank system using phone numbers has significant potential. Technically, this requires coordinated efforts among banks and integration of their infrastructures to enable instant commission-free settlements. The pilot phase has shown promising results. Transfers by phone number can complement interbank QR payments, offering more options and convenience for customers," Shamsutdinov said.

The expert added that for businesses, especially in online commerce, such a system would simplify payments and reduce dependence on cards. Drawing on the experience of both Russia and African countries, where peer-to-peer (p2p) payments were pioneered by mobile operators, Shamsutdinov emphasized that such systems promote cashless transactions and are convenient for receiving payments quickly from customers.
Earlier, the National Bank of Kazakhstan issued a warning about fraudulent messages being sent under the guise of bank employees.