Payment market of Kazakhstan from National Bank's perspective

How are our closest neighbors and EAEC partners doing today? We are opening a new series of publications dedicated to the situation in FSU countries with an overview of the non-cash payments market in Kazakhstan prepared by Galimzhan Pirmatov, Deputy Cairman of the National Bank of the Republic of Kazakhstan, for The PLUS Journal readers.

The new Law “On payments and payment systems” adopted in July became a milestone event for the payment market in Kazakhstan in 2016. This is a fundamentally new document, which forms the legal framework for the operation of all payment market players, enhances the industry transparency and stability, and upholds the rights of payment services users, primarily due to state control over the activities of private non-bank payment service providers.