M-Payments are an Emerging Trend in Kazakhstan

Date: 2015-09-01

“• In 2014, the debit cards market accounted for 88.7% and 93.9% of the overall payment cards in terms of transaction volume and value respectively. The rising popularity of debit cards supported this trend.

• M-payments are an emerging trend in Kazakhstan. One of the most popular m-payment services is MyPaykz; launched in 2011 by Halyk Bank and e-commerce firm Intervale, its popularity is growing. A number of companies have been looking to replicate MyPaykz’s service, which reflects the growing popularity of m-payments.

• In November 2012 the central bank required certain retail establishments to install POS terminals. This did not apply to individual entrepreneurs engaged in wholesale or self-made agricultural and aquaculture products or to businesses in rural areas with limited access to communication networks. However, on January 1, 2014, the law was revised to include all those previously exempted. The initiative is anticipated to increase the volume of payment card transactions by 2020.”

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