On June 20, 2022, Kazakhstan launched the Instant Payment System (IPS). IPS allows making instant transfers by phone number and payments by QR code between participants of the payment market (second-tier banks and payment organizations) on the territory of Kazakhstan.
To date, 7 banks are members of the System:
In three months the number of transactions in the IPS reached 18 thousand. The volume of transactions through the IPS during this time exceeded more than 1.6 billion tenge.
Active work is underway to connect the remaining participants of the payment market by the end of this year. As new participants are connected, further development of IPS interbank services is expected for the population and business.