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Friday, November 27th, 2020

Instant payment system “Su?qar” earned in Kazakhstan

by February 7, 2019 Health

In Kazakhstan, a system of instant payments on a mobile phone number began to operate, reports with reference to Kazinform.

The Sunqar system allows instant payments and money transfers in Kazakhstan between customers of different banks participating in the system. At the same time, a simple and convenient identifier is used to transfer money between individuals – a mobile phone number that needs to be tied to any payment source – a payment card, current bank account, e-wallet, the regulator’s press service said, adding that since September 2018, the system was tested in pilot mode among a limited number of people.

According to the National Bank, services in the Sunqar system are provided by Kazakhstan banks through their mobile applications or online banking systems. Currently, services through instant payment services are provided by JSC Bank CenterCredit, JSC Altyn Bank (SB China CITIC Bank Corporation Limited) and JSC Eurasian Bank.

During 2019, more than 10 second-tier banks are planning to connect to the system. The new service will appear in mobile applications and systems for remote maintenance of these banks as their information systems are refined according to their internal plan.

The tariff policy for instant payments and transfers for customers is determined by the banks themselves, the regulator stressed.

At the first stage, in the Sunqar system, it is possible to transfer money between individuals (P2P transfers), including through their accounts in different participating banks (deposits, replenishment of the investment account with a broker and others).

With the development of services in the system, legal entities, individual entrepreneurs through service banks will also be able to ensure acceptance of instant payments for goods and services in their favor, without installing special equipment, to make instant payments in favor of individuals, promise in the regulator.

In particular, through the Sunqar system, by scanning QR codes, it will be possible to pay with a mobile phone in retail.

The introduction of instant payments in Kazakhstan is aimed at providing the population and business entities with a universal platform for making payments anywhere, anytime through affordable payment tools and remote channels, the National Bank noted.

Source: Central Communications Service of the Ministry of Information and Communications of the Republic of Kazakhstan