BAKU, Azerbaijan, November 30. Globally, cashless transactions are expanding in various formats, said Sanzhar Zhamalov, General Director of Mastercard in Kazakhstan, in an interview with Trend.
"For instance, mobile payments dominate e-commerce in China, while digital wallets lead in Europe, accounting for 49% of global e-commerce turnover. At physical points of sale, however, traditional card payments still hold the majority share at 51%," said Zhamalov.
He emphasized Kazakhstan's significant progress in cashless transactions, noting a twentyfold increase over the past five years. "Each resident of Kazakhstan, on average, holds cards from at least two banks. However, there remains room for further personalization of financial products and services and improvements in user experience," the general director said.
Digital-first solutions, such as instant online card issuance, seamless payments, and accessible credit and installment options, are expected to drive the market's growth. "Segmentation and well-designed product offerings are essential. For instance, premium clients in Kazakhstan now enjoy package deals that go beyond the card itself, including airport lounge access, fast-track services, insurance, and cashback programs," Zhamalov explained.
He also highlighted innovations like eco-friendly cards offered by Eurasian Bank, business cards with installment options launched by Bank CenterCredit, and a card supporting the Aral Sea conservation initiative issued in collaboration with Freedom Bank.
Looking ahead, Zhamalov pointed to the importance of user experience, security, and trust in technology. "AI-driven projects, cryptocurrencies, open banking, and blockchain are transforming payment methods. The development of regulatory frameworks will play a crucial role, and Mastercard is committed to contributing to these efforts," he stated.
Cross-border payments remain a priority as the global economy becomes increasingly interconnected. "People conduct business, shop, and transfer money across countries. Cross-border payments and transfers are a key focus for us, and we are planning new initiatives in this area next year," Zhamalov noted.