The National Bank of Kazakhstan reports the commissioning of a modernised platform of the Instant Payments System (IPS) for instant transfers and payments between customers of different banks 24/7, VRKNews.kz reports.
The system has been developed as a convenient and simple online payment service using payment instruments regardless of the servicing bank. The system's functionality allows transfers by mobile phone number and payments by QR code between customers of different banks. The IPS will become the basis for developing and expanding the range of digital services provided by financial institutions.
The services are being launched in two stages:
— first stage — transfers between individuals by phone number (P2P transfers);
— second stage — cashless payments by QR code (under the national QR code standard) and the implementation of new payment scenarios in favour of merchants, including payments on request.
Customers will be informed about the availability of the services by their servicing bank. For transfers by phone number, the sender will only need to enter, in the mobile app of their IPS participant bank, the recipient's mobile phone number, specify the transfer amount and the recipient's bank. Once the transfer is initiated, the money is credited instantly to the recipient's account at an IPS participant bank. Banks set the tariffs for P2P transfer services for their customers themselves.
To date, nine second-tier banks have signed agreements on participation in the IPS, of which four banks have already opened access to the IPS to their customers and five banks are at the connection stage. The new service will appear in these banks' mobile apps as internal processes are debugged.
It is planned to connect other Kazakhstani banks to the IPS gradually, in line with an agreed schedule.
