Banks unite QR payment: What it means for customers and businesses

Tengrinews.kz — Following the launch of a unified QR code, entrepreneurs will be able to accept payments from customers of any bank through a single terminal. However, a mass transition away from multiple POS terminals is not expected yet, according to Binur Zhalenov, Deputy Chairman of the National Bank.
The introduction of a unified QR code will allow entrepreneurs to accept payments from any bank's customers through a single terminal. According to Zhalenov, many businesses currently use two, three, or even more POS terminals from different banks. Once the new system is launched, this may no longer be necessary, though the final decision remains with the businesses themselves.
The Deputy Chairman of the National Bank noted that legislation establishes the principle of non-discriminatory tariffs for participants in the unified QR system.

"At the very least, tariffs should not be higher than existing equivalents. Moreover, we expect them to be lower, as bank costs for processing QR payments are significantly lower than for card transactions," he noted.

According to Zhalenov, the National Bank does not set tariffs for banks, as the payment market operates on market principles.

"We believe the payment market is one of the most competitive. Creating a single ecosystem and removing inter-system barriers will increase convenience for users and help drive down tariffs," Zhalenov emphasized.

At the same time, the National Bank is not yet ready to predict whether businesses will abandon multiple terminals en masse.

"It is difficult to say right now whether entrepreneurs will collectively give up two or three terminals. Let's see how the practice evolves. In time, we will certainly share the results of our monitoring," he concluded.

When the unified QR code will go live
The full launch of the unified QR code in Kazakhstan is scheduled for July 19. The system will allow customers to pay for purchases via any bank's app, regardless of which bank's QR code the merchant uses. A phased rollout of the service began on July 7.
The National Bank previously reported that the unified QR is being developed based on the Interbank Mobile Payment System. It is intended to eliminate the need for multiple POS terminals from different banks while strengthening competition among market participants.