BAKU, Azerbaijan, November 28. Mastercard is playing a key role in the development of Kazakhstan's digital tenge project, which is currently in the testing phase and expected to be fully implemented by the end of 2025, said Sanzhar Zhamalov, General Director of Mastercard in Kazakhstan and Central Asia, in an interview with Trend.
"The digital tenge project is currently operating in test mode, focusing on public procurement and social payments," Zhamalov explained. "The three-stage implementation of the project is set to be completed by late 2025, at which point it will be fully launched, paving the way for new financial services".
Zhamalov emphasized that the digital tenge serves as a bridge between traditional finance and the emerging digital asset ecosystem. "Its implementation opens new opportunities for targeted social payments, improves the efficiency of public procurement, optimizes cross-border payments, and enables programmable payments," he said.
Mastercard has been actively involved in the digital tenge initiative, reflecting its growing interest in cryptocurrency trends. "Kazakhstani legislation allows for piloting and testing crypto projects, and some local banks have already taken advantage of this framework," Zhamalov noted.
In November 2023, the Eurasian Bank unveiled the first debit card in digital tenge, issued on the Mastercard platform, during the Financiers Congress of Kazakhstan. The inaugural transaction was made by the Chairman of the National Payment Corporation of Kazakhstan. "The funds in the digital tenge account were instantly converted into traditional tenge, enabling payments anywhere in the world," Zhamalov said, highlighting the seamless integration of the system.
Earlier, Mastercard partnered with Eurasian Bank to facilitate the first crypto-to-fiat transaction in Kazakhstan. The digital tenge debit card issued by Eurasian Bank marked a milestone as the first Central Bank Digital Currency (CBDC) card in Eurasia.
"We are proud to have collaborated with the National Bank of Kazakhstan, the National Payment Corporation, and Eurasian Bank on this innovative project," Zhamalov said. "It’s an excellent example of public-private partnership and a significant step forward for the digital economy".
Zhamalov also highlighted the practical benefits of the digital tenge card for both consumers and businesses. "The CBDC debit card allows cardholders to continue making purchases at over 100 million Mastercard acceptance points worldwide, ensuring confidence in the security of their payments, backed by the international payment system," he explained. "For businesses, the card offers greater payment flexibility without requiring costly infrastructure upgrades".