BAKU, Azerbaijan, January 7. Visa achieved significant results to develop the digital economy in Kazakhstan, Vice President, Regional Manager Central Asia and Azerbaijan at Visa Cristina Doros told Trend.
"Visa has been operating on the Kazakhstan market for over 30 years. Our collaborative efforts with the government, regulators, and financial institutions have led to significant achievements in the development of the digital economy in the country," she said.
Doros noted that several major technologies were launched in Kazakhstan over the past year.
"In collaboration with Freedom Bank, Visa has introduced B2B [business-to-business] Connect technology for cross-border non-card transfers of legal entities for the first time in Central Asia. This solution is based on blockchain technology. B2B Connect allows for non-card cross-border payments to be made quickly, securely, and with lower operational costs," she explained.
"Additionally, in partnership with RBK Bank, we launched Request to Pay technology based on the Visa Direct platform, allowing joint bill payments or requesting funds transfers from another bank customer for the first time in the world," Doros pointed out.
The vice president of Visa emphasized that Visa Tap to Phone technology has been in operation in the country since 2020.
"It enables entrepreneurs to use an Android-based smartphone with Near Field Communication (NFC) capability as a payment terminal. To accept payments from cards or other devices, business owners only need to install a special application on their smartphones. Kenya is one of the global leaders in the development of this technology," she said.
Another significant project implemented in Kazakhstan, according to her, was the launch of money transfers via phone number between different banks through the Visa Direct platform in 2022.
"We have made the transfer process even more convenient, providing the ability to send money between different banks in seconds. Kazakhstan is experiencing a boom in the development of digital payments, and we are pleased to be part of this process, offering people the opportunity to conduct digital transactions quickly, conveniently, and most importantly, securely," she said.
Doros also mentioned the launch of the world's first Visa cards linked to the digital tenge.
"This is a major and important step in the development of Kazakhstan's cashless economy. Visa works closely with clients and partners to ensure the best user experience when using new forms of money, and we are delighted to be part of the launch of the first-ever CBDC [Central Bank Digital Currency] card," the vice president noted. "We express our immense gratitude to the National Payment Corporation, Halyk Bank, Center Credit Bank, and Altyn Bank for their collaboration and aim to continue working towards advancing the future of digital payments."
"New digital tenge CBDC cards based on Visa can be accepted at any point that accepts Visa cards. In the initial phase of the digital tenge implementation, CBDC cards will be available to National Payment Corporation employees," she added.