In 2018, Kazakhstani financial institutions began working more closely with FinTech companies and purchasing a large number of FinTech products, giving more and more consumers in the country access to modern financial solutions like e-Wallets. In 2019, financial institutions in Kazakhstan are expected to continue their interest in FinTech solutions; here are what a few key experts think will happen this year:
- Nina Willems, head of MasterCard in Kazakhstan, Belarus and Armenia – according to forecasts, 62% of wearable devices are expected to be equipped with cashless payment functionality by 2020. The main thing is to ensure that people are ready for innovations and welcome their implementation.
- Vera Platonova, senior vice president and director of the Visa Regional Division for the CIS and Southeastern Europe – contactless payment is moving to smartphones; expect that trend to continue. Additionally, financial institutions must fully-embrace going digital if they are to survive. There will be several new projects with financial institutions in this regards, including developing and promoting QR code payment systems and increasing the security of payments made via mobile devices.
- Alexey Sidorov, founder of the Lendex.io projects, Silkway Ventures Group, Credit24, Clikobilie and prodengi.kz – startups in cashless and contactless payments have found much success in recent years. This should continue with the development of new payment methods such as QR code payments. Additionally, online microcredit has been a rapidly growing sector within Kazakhstan’s FinTech world. Although online microcredit lending took a small step back due to increased regulations, it is expected to grow and become more sophisticated in the near future as there is a strong demand for it. Online lending, especially from retailers, should also become a more prominent feature in the next year or two.