BFC Bulletins Monthly News Digest
Tags Money Transfers Payments
Telecom companies and banks benefit from cooperation in the field of mobile finance, especially in regard to transfers and payments. In Kazakhstan, mobile finance is only at the beginning of its journey; however, there is enormous potential as mobile finance transactions amounted to KZT 65 billion last year.
Most of this was spent on transportation (i.e. users paying for the cost of public transport from mobile financial sources). This is expected to continue to grow in Kazakhstan, especially as the state pursues its Digital Kazakhstan program. Beyond this, the National Bank has also been working to introduce a system of easy payments and transfers using nothing more than a phone number. As mobile finance continues to develop in the country, it will be key for communication efforts to effectively promote these services and their ease-of-use.
