In its first month, the interbank mobile payment system (IMPS) processed over 8 million transactions totaling 210 billion tenge. Kursiv reports this, citing data from the National Bank of Kazakhstan.
The unified QR code launched in the country in late July. The infrastructure allows customers to pay for goods and services through any participating bank’s app, regardless of which financial institution owns the checkout terminal.
The system’s launch coincided with a broader shift in the country’s payment habits. Finteqstan previously reported that Kazakhstanis make over 39 million cashless transactions a day worth 509 billion tenge. In the first half of the year, QR code payments definitively overtook bank card usage via POS terminals: transaction volume was 38% higher, and value was 13% higher. Cash withdrawals continue to decline against this backdrop.
The National Bank plans to expand the unified QR’s functionality. The system will add interbank invoicing, e-commerce tools, and cross-border payments.
State infrastructure is rapidly capturing transaction flows, forcing banks to compete for customer loyalty within their apps rather than through exclusive merchant terminal placements.