Astana (TDI): Cashless payments have soared in Kazakhstan over the past year, accounting for over 80 percent of all payments in the country, according to a report released by the National Bank of Kazakhstan.
As of March 1, Kazakh nationals held 81 million payment cards, with debit cards dominating the market. In February, these cards were used to make payments worth $29.7 billion, a 21 percent increase year-over-year.
The number of transactions went up by 13.7 percent to 1 billion, according to the report by the central bank.
The report echoes previous findings by the National Bank of Kazakhstan and other financial industry experts, pointing to high growth in cashless payments in the country.
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In one such report, the National Bank of Kazakhstan revealed that cashless payments grew their share to 85 percent last year, with more than 70 percent of Kazakhs now using online banking, a 460 percent rise in the past five years.
The latest report reiterates this surge, revealing that Internet and mobile banking account for 4 in 5 of all non-cash transactions and about 90 percent of the volume.
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However, while cashless payment methods have grown consistently, the people are withdrawing more cash than ever from ATMs.
Last year, Kazakhs withdrew $50 billion, 11 percent more than in 2023. This was after 5 percent growth in each of the previous two years. Over the past five years, cash withdrawals have surged by 60 percent.
