A new payment system is developed in Kazakhstan

Nov 12. Kazpravda

By Shynar Ospanova

A new payment system is developed in KazakhstanThe new bank payment system is developed by the National Bank of Kazakhstan, reports Kazpravda.kz.

In addition, a joint project of the People’s Bank of Kazakhstan and international payment system UnionPay International to produce co-branded payment cards Altyn UnionPay and Altyn UnionPay Gold was launched.

“The National Bank has recently been actively working on the development of the payment system of future 3.0. We believe that we have a very good opportunity to make transition to the new technologies that have been already developed in the world. You know that the Chinese economy is one of the largest in the world, and the opportunities for cooperation are important to us, “- said Kairat Kelimbetov during the press conference where the new charge card was presented. The card was released by the People’s Bank together with the international payment system UnionPay International.

According to head of the People’s Bank of Kazakhstan Umut Shayakhmetova, the new co-branded cards are united in the brands of the local payment system Altyn of the People’s Bank and the international payment system UnionPay. The cards with enhanced levels of security of transactions will be accepted and served at all ATMs of domestic and foreign commercial banks, which are connected to the UPI system.

In turn, president of China UnionPay Venchao Shi told about joint work with Kazakhstan.

“At the moment the chip payment cards can not only improve business communication of citizens of the two countries, but also to facilitate visits of Kazakhsstani citizens to Russia, Europe and other countries using the safest form of payment. We want to open a representative office in Almaty. And now we perform the registration of this office that will work not only in Kazakhstan but also represent Central Asia, “- said the president of the company.