- Instant Payment System launched by the National Bank of the Republic of Kazakhstan
Instant Payment System launched by the National Bank of the Republic of Kazakhstan
The National Bank of Kazakhstan announces the launch of the upgraded platform of the instant payment system (hereinafter — IPS) for commercial operation for instant transfers and payments between clients of different banks in 24/7 mode
The system is designed to provide consumers of financial services with a convenient and simple online payment service using payment tools, regardless of the servicing bank. The functionality of the system allows you to make transfers using a mobile phone number and payments using a QR code between clients of different banks. The IPS will become the basis for the development and expansion of the range of digital services provided by financial institutions.
The launch of services is carried out in 2 stages:
- the first stage – transfers of individuals by phone number (P2P transfers);
- the second stage – non-cash payments via QR code (according to the national QR code standard) and implementation of new payment scenarios in favor of trade organizations, including payments on request.
Customers will be informed about the availability of services by their servicing bank. For transfers by phone number, it will be enough for the sender of money to enter the recipient’s mobile phone number in the mobile application of his bank participating in the IPS, indicate the transfer amount and the recipient’s bank. After initiating the transfer, the transfer of money to the recipient to his bank account to the IPS participant occurs instantly. Banks set their own tariffs for P2P transfer services for their clients.
To date, 9 second-tier banks have concluded agreements on participation in the IPS, of which 4 banks have already opened access to the IPS to their clients, and 5 banks are at the stage of connection. The new service will appear in the mobile applications of these banks as the internal processes are being adjusted.
It is planned to gradually connect other Kazakh banks to the IPS, taking into account the agreed schedule.
- Author: Nargiz Mammadova
Public Relations Manager
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