Kazakhstan Cards and Payments: Opportunities and Risks to 2028

The analyst's ‘Kazakhstan Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Kazakhstani cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfer, direct debits, and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The analyst's ‘Kazakhstan Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Kazakhstani cards and payments industry, including :

• Current and forecast values for each market in the Kazakhstani cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cards, cash, credit transfer, direct debits, and cheques . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Kazakhstani cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Kazakhstani cards and payments industry.

Scope

• IPS was launched by the National Bank of Kazakhstan (the country’s central bank) in June 2022. The service facilitates instant fund transfers between accounts at participating banks and financial institutions in Kazakhstan within seconds. This system allows users to make instant fund transfers 24 hours a day, seven days a week, 365 days a year. It allows P2P, consumer-to-business, and business-to-business transfers, as well as non-cash payments via QR code and payment by request. IPS was supported by 10 banks as of December 2023. As of June 2023, the maximum limit for P2P transfers is KZT500,000 ($1,096.44). The country’s previous instant payment system, Sunqar, only allowed fund transfers via phone numbers.

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• Amid the growing preference for digital payment methods, in December 2021, the National Bank of Kazakhstan released the results of its feasibility study on the Digital Tenge central bank digital currency (CBDC) and its potential impact on Kazakhstan’s financial landscape. In October 2022, the currency was tested on the BNB Chain blockchain network, evaluating the technical infrastructure and functionalities of the CBDC. In November 2023, the central bank officially launched the first phase of the Digital Tenge, primarily focusing on domestic usage and online payments. In 2024, the second phase will focus on offline payments, while the central bank expects to have adopted the Digital Tenge for cross-border trade by 2025.

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• QR code payments are becoming popular among consumers. According to the latest National Payment System Statistics report published in April 2024, consumers made 652.6 million QR code transactions worth KZT3.3 trillion ($7.24 billion) during Q1 2024. This payment method is also popular among merchants (especially SMEs) as it only requires a sticker to accept payments digitally, making it particularly cost-effective. In January 2024, the central bank announced that it is planning to roll out a unified system for QR codes in Kazakhstan by the end of 2024. Currently, several banks offer QR code payments at an intrabank level. Going forward, the transition to a single QR code standard will enhance the interoperability and security of QR code payments.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Kazakhstani cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Kazakhstani cards and payments industry.
• Assess the competitive dynamics in the Kazakhstani cards and payments industry.
• Gain insights into marketing strategies used for various card types in Kazakhstan.
• Gain insights into key regulations governing the Kazakhstani cards and payments industry.