13:30, 20 June 2022 Page views 788 views

Instant Payment System launched in Kazakhstan

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The National Bank of Kazakhstan announced the launch of the Instant Payment System (IPS). The system now allows clients of four banks to make transfers and payments in tenge 24/7 using a mobile phone number, without a card number and other details to be requested.

“The system offers consumers of financial services a convenient and simple online payment service using payment instruments irrespective of consumer’s bank. The system functionality allows transfers by a mobile phone number and QR code payments between clients of different banks. The IPS will form the basis for the development and expansion of the range of digital services provided by financial institutions,” the National Bank said.

The service is launched in two stages, namely, (i) transfers of individuals by phone number (P2P transfers) and (ii) non-cash payments using a QR code (according to the national QR code standard). The second stage provides for the implementation of new payment scenarios in favor of trade organizations, including payments on request. Banks set their own rates for P2P transfer services offered to their clients.

Earlier this week, PLUSworld.ru wrote that Kazakhstan's Sberbank had joined the IPS. Eurasian Bank, Jusan Bank and Halyk Bank also announced their participation in the IPS. Another five banks undergo the stage of connection. The new service will appear in the mobile applications of these banks upon completion of their internal processes adjustment. It is planned to gradually connect other Kazakh banks to the IPS.