Customers can pay with digital assets via QR code, while merchants instantly receive tenge. The project operates within the National Bank’s regulatory sandbox.
Фото: Aibek Skakov / Pexels
Customers can pay with digital assets via QR code, while merchants instantly receive tenge. The project operates within the National Bank’s regulatory sandbox.
Alatau City Bank, in partnership with the crypto exchange Binance, has introduced a feature to pay for goods and services with cryptocurrency in retail stores. This was reported by the Kursiv portal, citing Binance founder Changpeng Zhao and confirmation from the exchange’s local division.
The bank has connected 5,000 of its POS terminals to the Binance Pay platform. Crypto exchange wallet holders can now use the Crypto Pay service for everyday purchases.
The process is designed so as not to change standard settlement procedures for businesses. When scanning a QR code, the buyer sees the amount in cryptocurrency and the current exchange rate. After confirming the transaction, the digital assets are automatically converted, and the exact amount in tenge specified on the receipt is credited to the merchant’s account.
Kazakhstan is consistently building a legal infrastructure for working with digital assets. The Alatau City Bank and Binance project is being implemented within the regulatory sandbox of the National Bank.
Previously, the regulator approved pilot projects to integrate the crypto industry into the traditional financial system. In this arrangement, a classic bank acts as a settlement partner, handling the fiat portion of the transaction and ensuring operations comply with local legislation.
Retail outlets do not need to open crypto wallets, navigate digital asset regulations, or assume exchange rate volatility risks. All technical and compliance burdens remain on the side of the bank and exchange infrastructure.
The launch of crypto payments based on classic POS terminals moves digital assets from the speculative zone into real retail circulation.
The market has yet to assess the actual demand for the feature from retail customers. The next step will be scaling the network of terminals supporting Crypto Pay beyond the initial 5,000 devices and the potential release of similar products from other banks participating in the pilot projects.
Merchants do not need to open crypto wallets, navigate digital asset regulations, or assume exchange rate volatility risks, as all technical and compliance burdens are handled by the bank and exchange infrastructure.
