A unified QR-payment system may be introduced in Uzbekistan and four other countries
This was reported by the National Bank of Kazakhstan.
A unified QR-payment system may be introduced in Uzbekistan and four other countries
Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Azerbaijan are exploring the possibilities of mutually integrating their national QR-payment systems. This was announced by the National Bank of Kazakhstan.
On October 22–23, Tajikistan hosted the fourth regional meeting of representatives from the central banks of the five countries, dedicated to the development of payment systems.
During the meeting, issues regarding the development of national payment platforms, fast money transfers, QR-code standards, cashless settlements, and remote identification systems were considered.
The Kazakh side presented its experience with the digital tenge, biometric identification, open banking, and an interbank payment system that enables money transfers via phone numbers.
At the conclusion of the negotiations, the participants supported Kazakhstan's proposals on integrating national QR-payment systems. It was also agreed to precisely develop a mechanism for interconnecting these systems by the end of 2026.
If the initiative is implemented, citizens of the five countries will be able to pay for goods and services during mutual trips by scanning a QR code through their bank's usual mobile application.
In addition, it is also planned to create the capability to send and receive money in real time between the countries.
The meeting also discussed issues of regulating digital assets, protecting payment infrastructure from cyberattacks, combating financial fraud, and utilizing artificial intelligence technologies.
For now, the system has not been launched. The mechanism for its integration is planned to be developed by the end of 2026.