Fri, Nov 22 2024
Within six months of the introduction of the digital tenge, Kazakhstan's Central Bank Digital Currency, the 20 million citizens of the nation could access more than ten cutting-edge CBDC card services.
Using the Way4 digital payments software system, Altyn Bank, Eurasian Bank, and Halyk Bank were able to quickly join the CBDC initiative and enroll 72% of early adopters of digital tenge cards. As per Kazakhstan's National Payment Corporation, the digital tenge footprint is growing, with 36 additional use cases on its roadmap for 2024 and 2025.
Kazakhstani bank customers can apply for virtual and physical CBDC cards, which they can use for online and in-store transactions on the global networks of Mastercard and Visa. They can also access additional relevant services, monitor their CBDC card balance and transaction history through mobile banking, link their cards to Google Pay, Apple Pay, and Samsung Pay, and withdraw cash from ATMs.
More than 130 nations are presently investigating or putting CBDC into practice. The digital tenge project provides users with a physical means of making CBDC payments, even if the majority of transactions are carried out via web and mobile interfaces.
The Digital Tenge initiative in Kazakhstan has a number of lofty objectives. These include stepping up international trade, starting creative anti-corruption and social programs, and making it possible for CBDC and non-governmental DeFi platforms to integrate. Many participants in the digital tenge ecosystem, including Kazakhstan's National Payment Corporation, Eurasian Bank, Altyn Bank, Halyk Bank, and national postal agency Kazpost, rely on Way4 to enable their card issuance and acquisition innovations. Three of these payment players integrated their card processing system with the Digital Tenge platform in less than two months with help from their partner, OW Kazakhstan.
Kazakhstan's progressive mindset and strong banking system are demonstrated by the smooth incorporation of CBDC cards into the nation's payment environment. For a considerable amount of time, numerous banks in this region have been utilizing OpenWay's Way4 software system to implement revolutionary breakthroughs, such as the first UnionPay cards to be issued outside of China and the first mobile Visa P2P transfers in history.
The payment regulator in Kazakhstan has chosen the Corda platform from R3 for the issuing and redemption of CBDC. With the help of Way4, Corda, and other technology, Kazakhstan is becoming more powerful in the global economy.
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