New Eurasian Bank e-wallet allows Kazakhstanis to pay with smartphones

Eurasian Bank has launched the Eurasian Pay digital wallet, allowing users of MasterCard cards in Kazakhstan to be able to pay for purchases using an android mobile device. In order to use the e-wallet, users must have a phone that supports NFC technology and download the mobile app. Payment confirmation can be made using a fingerprint or by password sent in the form of an SMS. The new e-wallet also offers enhanced security over traditional cards as customers’ card numbers are not stored on the mobile device, on the bank’s servers or at merchant locations. Instead, a unique 16-digit combination of numbers, referred to as a token, is used by each e-wallet/app combination. MasterCard is the first to introduce a tokenization service in Kazakhstan, allowing banks to be able to provide customers with modern payment solutions for contactless payment via smartphones and other devices.