BAKU, Azerbaijan, May 15. The digital tenge will not substitute existing payment instruments; rather, it will complement the current payment system, Chairman of the Board of the National Payment Corporation of Kazakhstan Binur Zhalenov said at a panel session of the Fintex Summit in Baku, Trend reports.
"In 2023, we introduced the digital tenge in a restricted environment. The digital tenge will not replace existing payment methods but will complement the current payment system. It serves as a third form of national currency alongside cash and non-cash forms," he said.
Zhalenov mentioned that payments with the digital tenge will be possible even without internet access.
"This will facilitate cashless transactions in areas with limited internet connectivity. Additionally, it can be used for online purchases and within banking applications," he added.
The chairman explained that the digital tenge will be integrated into Visa and MasterCard networks, enabling transactions through POS terminals and cash withdrawals from ATMs.
"Moreover, the digital tenge will enhance the efficiency of public spending. Funds allocated to specific areas will be tagged, preventing their use for other purposes," he concluded.
To note, Baku is hosting Fintex Summit 2024, themed "New Trends in Banking and Finance Ecosystem: Innovative Solutions, FinTech, and Security," scheduled to take place on May 15–16.
