The National Payment Corporation (NPCK) has launched testing of a unified QR code system with three participating banks. Clients of Bank CenterCredit, Home Credit Bank, and Freedom Bank can now pay for purchases using unified QR codes, regardless of which bank issued their card.
How the system works
The service is built on the Interbank System of Mobile Payments (ISMP) and complies with the international ISO 20022 standard. Clients of participating banks can scan a QR code at a retail outlet via their bank’s mobile app and make a payment, even if the acquiring is handled by another bank.
Previously, each bank generated its own QR codes, which created inconvenience for merchants—they had to display multiple codes or limit themselves to clients of a single bank. Now, one universal QR code is sufficient.
NPCK’s role in the payment infrastructure
The National Payment Corporation is a subsidiary of the National Bank that develops Kazakhstan’s domestic payment infrastructure. NPCK manages the “Kazakhstan” national payment system, services Humo cards, and develops digital payment solutions.
The launch of interbank QR payments is part of a strategy to reduce dependence on international payment systems and develop a domestic fintech ecosystem.
Market significance
For consumers, the system simplifies cashless settlements—there is no need to look for an ATM or carry cash. For businesses, it means lower operational acquiring costs and an expanded client base.
Similar systems operate successfully in other countries. The Faster Payments System (FPS) in Russia processes millions of transactions daily, and India’s UPI has become the foundation of the country’s digital economy. In Uzbekistan, the Humo Pay system performs a similar function.
Development plans
NPCK and the National Bank are working on connecting new participants to the system. [source needed: plans for timelines to connect other banks and target market coverage indicators]
The success of the pilot could accelerate Kazakhstan’s transition to a cashless economy and increase the competitiveness of the national payment system at the regional level.