Around 90% of Kazakhstanis will get along without any cash in 10 years
November 15, 2016, Almaty – A non-cash payment for goods and services will prevail in the nearest 10 years. Analysis of the statistic data accumulated in Qazkommertsbank allows forecasting that 9 of 10 Kazakhstanis will almost completely transfer to settlements by using bank cards and smartphones.
Ten years ago bank clients used to withdraw cash through ATMs 6 times more frequently rather than paying by using their bank cards; nowadays, cash transactions prevail non-cash ones only by 37%.
«We call it the progress of convenience, – Nurlan Zhagiparov, Managing Director of Qazkom explains, – Everything is changing very quickly. Mobile proximity payments that we started only two years ago have already prevailed all card transactions held 10 years ago. This dynamics will speed up with the every coming year. Of course, the difference between cash and non-cash transactions is still great in terms of absolute amounts, but we can see the abrupt decrease of the average check, the clients have begun enjoying non-cash payments and try to pay by using their cards in the everyday life».
Non-cash payments by using Qazkom cards have increased by more than 20 times – from 1,2 mln. in 2005 till 25,5 mln. in 2015. Whereupon, the total annual amount of such payments have increased almost by 12 times – from KZT 25,5 bn. till KZT 295 bn.
|Transactions performed by Qazkom clients, in mln. transactions
||Transactions performed by Qazkom clients, in KZT bn.
Statistics of Qazkom non-cash payments includes the so called «Ground-Based Acquiring» (payment by cards through POS-terminals), Internet-Acquiring (payment through Internet), as well as payments and transfer through ATMs (P2P). Around 44% of all non-cash card transactions in the country are performed by using Qazkom cards today.
Internet-Transactions are growing more quickly – they have increased by 144 times for ten years. In comparison: Qazkom cardholders performed 4 777 transactions to KZT 51 mln. in Internet in October of 2006, and 690 ths. payments to the amount over KZT 5,2 bn. have been made through ePay Internet-Acquiring System this October. The Bank’s share in the Kazakhstani market of Internet payments is over 60%.
P2P- transfers, which were started in Qazkom ATMs in 2007, and are available in Internet and Homebank.kz system nowadays, also demonstrate the stable growth dynamics. P2P-payments allow cash transfers within the MasterCard and Visa payment systems irrespective of the issuer bank, including, overseas cash transactions. Over 3,5 ths. cash transfers to KZT 162 mln. were performed by Bank clients in 2007, whereas due to the previous year results – 90 ths. cash transfers to KZT 5,3 were performed. These results have been already increased during incomplete 10 months of 2016.
Qazkom has been a leader in implementation of new technologies in bank servicing in Kazakhstan for many years. Bank was the first in the country that started its own ePay Internet-Acquiring System and Homebank.kz Internet-Portal for individuals in 2000. Qazkom has adopted new strategic goals 16 years later. According to these goals Qazkom is intended to become No 1 banking and digital platform in Kazakhstan, be a champion of simplicity and speed, and accelerate renewal of the paradigm in the banking sector of Kazakhstan by making its processing capacities available for all market participants.
Sergey Chikin, Head of Mass Media and PR Unit
PR Department of Kazkommertsbank JSC
+7 727 2585-105, ext.: 57611, E-mail: email@example.com