American multinational company Visa is planning to introduce contactless payment system in Asia, media reported. As noted by experts, the system’s smooth functioning requires a reliable regulatory framework ensuring the security of such payments. As for Kazakhstan, payment systems market participants note that in this respect our country holds a leading position in the Central Asian region - both in technology and in the number of contactless payments.

 

Galym TABYLDIYEV, CHIEF OF ALMATY BRANCH OFFICE, VISA GLOBAL HOLDINGS LLC:

Now we see an increase in the number of transaction volumes. Contactless transactions have increased by 42%. And non-cash transactions have risen by more than 54%. It indicates that we are moving in the right direction. We also see an increase in the ratio of volume of non-cash transactions to the total volume. The coefficient has increased by 5% over the previous year and now stands at 15%. However, in other countries it totals up to 63%.

 

VISA together with one of the commercial banks have launched a contactless payment service with the help of Android-smartphone since the beginning of the year. Another trend which draws experts’ attention is interest of business entities in carrying out non-cash transactions.

 

Galym TABYLDIYEV, CHIEF OF ALMATY BRANCH OFFICE, VISA GLOBAL HOLDINGS LLC:

We see an increase in the number of POS-terminals in Kazakhstan by 23% compared to last year. And about 80,000 POS-terminals have already been installed. We have launched a contactless payment system in order to increase cashless payments and to reduce transaction commissions. 30% of POS-terminals have been already made contactless with regard to this decision in addition to introduction of new contactless payment technologies.

 

According to statistics cited by the ranking.kz research center, in Kazakhstan the aggregate amount of cashless payments transactions for goods and services amounted to 264.2 billion tenge in January-March increasing by 94 billion tenge or by 55% compared to the first quarter last year.   

 

 

 

Photo: www.thejournal.ie

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