ASTANA, Kazakhstan, November 15. The National Bank of Kazakhstan will launch the first unified banking QR code that can be used regardless of the bank, TurkicWorld reports.
The National Bank of Kazakhstan and the National Payment Corporation have kicked off a trial run of the interbank QR code, setting the wheels in motion for a new chapter in digital transactions. The curtain was lifted on the first transaction today during the Kazakhstan Finance Congress in Almaty, featuring the involvement of two second-tier banks, who were in the right place at the right time.
The deployment of this system had been previously deliberated. This technology enables Kazakhstanis to execute payments in retail establishments and other locations with a standardized QR code applicable to all banks. The project initiators emphasized its convenience and the removal of POS machines from various banking institutions.
The implementation of interbank QR payments will allow enterprises to minimize expenses related to the installation of various terminals from different banks, while citizens will have the capability to make payments via QR code utilizing terminals from any bank nationwide.
The interbank QR payment system is all set to roll, and the banks are gradually getting their ducks in a row to join the party. The project's growth is on the horizon for 2025.
QR code payment, or QR-ing, is an online payment process for goods and services using a special graphical QR code. The payment infrastructure for cashless transactions via QR codes (two-dimensional matrix codes) is provided by the Faster Payments System (FPS), "Plati QR," and other payment systems. Payments are instantly transferred to the seller's account, avoiding cash flow gaps.
