Kazakhstan witnesses expansion of digital transactions
Moving Forward with Digital Payments in Kazakhstan 🚀
In 2025's Q1, the cashless payments landscape in Kazakhstan experienced a staggering 22.4% surge, jumping to a colossal 40.3 trillion tenge. This impressive growth—as reported by Liter.kz—accounted for an astounding 87.1% of the nation's total payments. 💳
The Association of Financial Organizations of Kazakhstan (AFOK) highlights the active development of digital financial services, the expansion of cashless payment infrastructure like POS terminals and QR codes, and the increasing trust in fintech solutions as key drivers behind this shift. A shift in consumer behavior is also on the rise, with a focus on stricter mobile transfer fiscalization. 📱
Interestingly, the availability of POS terminals has shown a remarkable increase, jumping from 56 per thousand people last year to a whopping 67 today. This growth is due to a surge in consumer spending and the popularity of cashless payments. In terms of transactions, contactless (internet) and QR payments collectively claimed a hefty 90% share of the total cashless transactions. 💳🔛
On the flip side, Kazakhstanis withdrew 6 trillion tenge from ATMs, marking a 6.6% increase from the same period last year. This could indicate the continuing need for cash in remote areas and a sizeable shadow economy. 💵
Average Kazakhstani cash holdings have also risen, with each citizen now carrying 211,000 tenge in cash, compared to 181,000 last year.
As for the factors influencing this growth in cashless payments, regional and global trends suggest several common factors likely at play in Kazakhstan:
- Digitalization and Mobile Banking: The widespread use of smartphones and mobile banking apps enhances financial access, particularly in rural areas, boosting both financial inclusion and convenience.
- Contactless Payments: The rise of contactless payment methods, like NFC-enabled devices and QR code-based systems, streamlines transactions, making them faster and more convenient.
- Government Initiatives: Governments often foster digital payments through initiatives such as e-ID programs and integrating smart cards into public services like transportation and healthcare.
- Economic Factors: Economic incentives, including reduced transaction fees and increased security, encourage the use of cashless payments. The integration of e-wallets and digital wallets into everyday transactions further boosts demand.
Should you wish to delve deeper into the digital payment trends specific to Kazakhstan, local financial reports or economic analyses focusing on the country would be your best bet. 🔎
- In the Kazakhstani financial industry, there's been a significant shift towards cashless payments, with the number of POS terminals increasing from 56 per thousand people last year to 67, boosting cashless transactions.
- The digitalization and mobile banking trend in Kazakhstan has enhanced financial access, particularly in rural areas, contributing to the growth of cashless payments in the country.
- Contactless payments, such as NFC-enabled devices and QR code-based systems, have risen in popularity in Kazakhstan, claiming a hefty 90% share of total cashless transactions.
- With an average Kazakhstani holding 211,000 tenge in cash, the rise in cash holdings suggests that although cashless payments are growing, there's still a need for cash in certain circumstances.
