ALMATY, Kazakhstan,
May 16, 2024 /PRNewswire/ -- In just
6 months after Kazakhstan launched the digital tenge, its
Central Bank Digital Currency, over 10 innovative CBDC card
services have become available to the country's population of
20 million. Altyn Bank, Eurasian
Bank and Halyk Bank leveraged the Way4 digital payments
software system to swiftly join this CBDC project and onboard 72%
of early adopters of digital tenge cards. The digital tenge
footprint is expanding, with 36 new use cases in its roadmap for
2024 and 2025, according to Kazakhstan's National Payment Corporation.
Bank customers in Kazakhstan
can apply for virtual and plastic CBDC cards and use them for
both in-store and e-commerce purchases across Mastercard and Visa
global networks. Additionally, they can withdraw cash at ATMs, link
their cards to Google Pay, Apple Pay and Samsung Pay, monitor
their CBDC card balance and transaction history through mobile
banking; and access other related services.
More than 130 countries are actively researching or implementing
CBDC. While most CBDC transactions are conducted through web and
mobile interfaces, the digital tenge project offers consumers a
tangible instrument for CBDC payments.
Kazakhstan's Digital Tenge
project is pursuing several ambitious goals. These include
intensifying cross-border trade, launching innovative social and
anti-corruption initiatives, and enabling integration between CBDC
and non-government DeFi platforms. Way4 powers card issuing and
acquiring innovations for many members of the digital tenge
ecosystem: Kazakhstan's National
Payment Corporation, Eurasian Bank, Altyn
Bank, Halyk Bank, and national postal service Kazpost.
Assisted by their partner OW Kazakhstan, three of these payments
players integrated their card processing system with the Digital
Tenge platform in less than two months.
The successful integration of CBDC cards into Kazakhstan's payment ecosystem is a testament
to the country's forward-thinking approach and the robustness of
its banking infrastructure. Many banks here have long used
OpenWay's Way4 software system to introduce ground-breaking
innovations: for example, the first-ever UnionPay cards issued
outside of China and the world's
first mobile Visa P2P transfers.
For CBDC issuance and redemption, Kazakhstan's payment regulator selected R3's
Corda platform. Supported by Way4, Corda, and other
technologies, Kazakhstan is
strengthening its position on the international economic stage.
For more information about Way4 and its role in CBDC
transactions, please visit openwaygroup.com
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