BAKU, Azerbaijan, January 8. Visa is proposing
novel ideas and technologies for the development of non-cash
payments in Kazakhstan, Vice President, Regional Manager Central
Asia and Azerbaijan at Visa Cristina Doros told Trend in an exclusive interview.
Visa’s innovative solutions in the financial sector of
Kazakhstan
“Visa has been present in Kazakhstan for over 30 years. Our
combined efforts with the government, regulators, and financial
institutions have resulted in important accomplishments in the
country’s digital economy development,” she said.
Doros noted that several major technologies were launched in
Kazakhstan over the past year.
“In collaboration with Freedom Bank, Visa has introduced B2B
[business-to-business] Connect technology for cross-border non-card
transfers of legal entities for the first time in Central Asia.
This solution is based on blockchain technology. B2B Connect allows
for non-card cross-border payments to be made quickly, securely,
and with lower operational costs,” she explained.
“Additionally, in partnership with RBK Bank, we launched Request
to Pay technology based on the Visa Direct platform, allowing joint
bill payments or requesting funds transfers from another bank
customer for the first time in the world,” Doros pointed out.
The vice president of Visa emphasized that Visa Tap to Phone
technology has been in operation in the country since 2020.
“It enables business owners to use an Android-based smartphone
equipped with Near Field Communication (NFC) as a payment terminal.
Business owners merely need to install a particular app on their
cellphones to accept payments from cards or other devices. Kenya is
a world leader in the development of this technology,” she
said.
Another significant project implemented in Kazakhstan, according
to her, was the launch of money transfers via phone number between
different banks through the Visa Direct platform in 2022.
“We have made the transfer process even more convenient,
providing the ability to send money between different banks in
seconds. Kazakhstan is experiencing a boom in the development of
digital payments, and we are pleased to be part of this process,
offering people the opportunity to conduct digital transactions
quickly, conveniently, and most importantly, securely,” she
said.
Doros also mentioned the launch of the world’s first Visa cards
linked to the digital tenge.
“This is a major and important step in the development of
Kazakhstan’s cashless economy. Visa works closely with clients and
partners to ensure the best user experience when using new forms of
money, and we are delighted to be part of the launch of the
first-ever CBDC [Central Bank Digital Currency] card,” the vice
president noted. “We express our immense gratitude to the National
Payment Corporation, Halyk Bank, Center Credit Bank, and Altyn Bank
for their collaboration and aim to continue working towards
advancing the future of digital payments.”
“New digital tenge CBDC cards based on Visa can be accepted at
any point that accepts Visa cards. In the initial phase of the
digital tenge implementation, CBDC cards will be available to
National Payment Corporation employees,” she added.
Development of non-cash payments
“In Central Asia, and particularly in Kazakhstan, we are
witnessing a surge in the growth of non-cash payments of all types
and forms. This is attributable to the financial sector’s excellent
quality and quick development. We collaborate with the majority of
the country’s banks to introduce innovative solutions and
technology that make payments even more convenient, fast, and
secure,” she said.
According to Cristina Doros, Kazakhstan is open to innovations
in the development of financial technologies. The country’s banks
are ready to introduce payment innovations, and the population is
open to innovation and quickly begins to use such services.
“I’d also like to highlight Kazakhstan’s excellent level of
professionals. For many years, the Visa representative office has
been in the country. For many years, the corporation has employed
Kazakhstanis who are accountable not only for Kazakhstan or the
countries of Central Asia but also for a broad region of Central
and Eastern Europe, the Middle East, and Africa. And the number of
Kazakh specialists contributing to the development of this vast
territory grows by the year. This is also why we will stay the
market leader,” Cristina Doros noted.
Transport solutions for Visa in Kazakhstan
According to the Vice President, last year, Visa conducted the
‘The Future of Urban Mobility’ annual study dedicated to the use of
public transport.
“According to its results, 89 percent of surveyed Kazakhs
expected the availability of contactless payment methods in public
transport, and 54 percent stated a preference for contactless
payment for their commute,” she said.
Doros noted that public transport has always been an essential
part of people’s lives, with many spending a significant amount of
time commuting every day.
“Therefore, not long ago, we were pleased to support the launch
of the innovative Face Pay project by Halyk Bank at two metro
stations in Almaty. We believe that this service will contribute to
even wider adoption of cashless payments among Kazakhs and make
their public transport journeys more comfortable and secure,” added
the vice president.
Visa’s support for the development of women’s
entrepreneurship in Kazakhstan
On measures to support women in business, Cristina Doros
emphasized the She’s Next, Empowered by Visa global initiative to
support women’s entrepreneurship, launched in Kazakhstan and
Central Asia in 2019.
“According to the findings of the initiative’s first wave, there
was a lot of interest from women entrepreneurs in Central Asia—over
2,500 women engaged in educational webinars. As a result, we’ve
already launched the second wave of the She’s Next, Empowered by
Visa program in Kazakhstan and Central Asia in 2022, with the
slogan “Successful business is balance!” she said.
According to the regional manager, more than 6,000 Central Asian
businesswomen participated in the second wave of the
initiative.
“The women entrepreneurs attended a series of instructional
seminars from renowned experts on topics such as effective
business, time management, and establishing a work-life balance.
The marathon saw fifteen businesswomen compete, with three winners
receiving funding to help them grow their own businesses, said
Cristina Doros.
She mentioned that one of the important achievements of She’s
Next, Empowered by Visa in 2022 was the creation and release of the
world’s first co-branded card, She’s Next, Empowered by Visa,
together with the partner of the second wave of the initiative,
Halyk Bank (a Kazakh commercial savings bank). According to her,
the card has a unique design with the She’s Next, Empowered by Visa
logo, as well as special privileges available only to the
participants of the second wave of the initiative.
“To develop and expand cooperation in the field of
digitalization of the economy, increase the digital potential of
entrepreneurs, and support women’s entrepreneurship in Kazakhstan,
Visa signed a memorandum of cooperation in the field of women’s
entrepreneurship with the Ministry of National Economy of the
Republic of Kazakhstan and the National Association of Women
Entrepreneurs of Kazakhstan (ASMAR). Within the framework of the
signed memorandum, we plan to implement important projects in a
range of areas, including accelerating digital transformation and
improving digital and financial literacy,” Doros added.
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