Kazakhstan Cards & Payments: Opportunities and Risks to 2023
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Kazakhstan Cards & Payments: Opportunities and Risks to 2023
GlobalDatas Kazakhstan Cards & Payments: Opportunities and Risks to 2023 report provides detailed analysis of market trends in Kazakhstans cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the countrys competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
GlobalDatas Kazakhstan Cards & Payments: Opportunities and Risks to 2023 report provides top-level market analysis, information and insights into Kazakhstans cards and payments industry, including -
- Current and forecast values for each market in Kazakhstans cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including credit transfers, direct debits, cheques, and cards. It also, includes an overview of the countrys key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Kazakhstans cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Scope
- To facilitate instant fund transfers, the central bank developed a new payment system called Suqar. The system went live in February 2019, and enables instant payments and fund transfers between customers of banks participating in the system. At the time of launch, only Bank CenterCredit, Eurasian Bank, and Altyn Bank had joined the system, but over 10 banks are expected to participate by the end of 2019. Currently the system is only available for fund transfers between individuals, but the central bank plans to extend the system for businesses in the future. Interbank and intra-bank transfers are limited to a minimum of KZT100 ($0.26) and a maximum of KZT500,000 ($1,300.50) per transaction. There is no daily limit on interbank transfers, while intra-bank transfers are restricted to KZT5,000,000 ($13,005.04) per day. The charges for transfers are determined by the financial institutions. Eurasia Bank charges a fee of 0.2% on interbank transactions, with a minimum fee of KZT250 ($0.65) per transaction, while intra-bank transfers are free of charge.
- The introduction of Islamic banking has complemented traditional banking in the country. Al Hilal Bank, the countrys first Islamic Bank, started offering Sharia-compliant banking services for individual customers from August 2017. The bank offers Sharia-compliant Mastercard Gold and Titanium debit cards with benefits including issuance and delivery fee waivers as well as cashback on purchases. Meanwhile, Zaman-Bank - previously a commercial bank - converted to an official Islamic bank and started offering Islamic banking services. The increased availability of Islamic banking services is expected to support debit card market growth.
- As part of the governments Digital Kazakhstan program, the Roadmap for the Development of Electronic Commerce for 2018-2020 was developed to boost e-commerce growth. The program includes 28 events across five areas: regulation of e-commerce, development of e-commerce payment systems, raising digital and financial literacy, promotion of electronic commerce, and logistics infrastructure. As part of this program the government introduced a new tax law effective from January 2018, enabling e-commerce traders fulfilling certain criteria to claim a corporate income tax exemption up to a maximum of 100%. Moves such as this have pushed e-commerce adoption among SMEs in the country. As of December 2018 the number of SMEs involved in e-commerce business stood at around 1,700 - almost double compared to the previous year. E-commerce growth will further boost electronic payments.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Kazakhstans cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Kazakhstans cards and payments industry.
- Assess the competitive dynamics in Kazakhstans cards and payments industry.
- Gain insights into marketing strategies used for various card types in Kazakhstan.
- Gain insights into key regulations governing Kazakhstans cards and payments industry.
GlobalDatas Kazakhstan Cards & Payments: Opportunities and Risks to 2023 report provides detailed analysis of market trends in Kazakhstans cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the countrys competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
GlobalDatas Kazakhstan Cards & Payments: Opportunities and Risks to 2023 report provides top-level market analysis, information and insights into Kazakhstans cards and payments industry, including -
- Current and forecast values for each market in Kazakhstans cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including credit transfers, direct debits, cheques, and cards. It also, includes an overview of the countrys key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing Kazakhstans cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Scope
- To facilitate instant fund transfers, the central bank developed a new payment system called Suqar. The system went live in February 2019, and enables instant payments and fund transfers between customers of banks participating in the system. At the time of launch, only Bank CenterCredit, Eurasian Bank, and Altyn Bank had joined the system, but over 10 banks are expected to participate by the end of 2019. Currently the system is only available for fund transfers between individuals, but the central bank plans to extend the system for businesses in the future. Interbank and intra-bank transfers are limited to a minimum of KZT100 ($0.26) and a maximum of KZT500,000 ($1,300.50) per transaction. There is no daily limit on interbank transfers, while intra-bank transfers are restricted to KZT5,000,000 ($13,005.04) per day. The charges for transfers are determined by the financial institutions. Eurasia Bank charges a fee of 0.2% on interbank transactions, with a minimum fee of KZT250 ($0.65) per transaction, while intra-bank transfers are free of charge.
- The introduction of Islamic banking has complemented traditional banking in the country. Al Hilal Bank, the countrys first Islamic Bank, started offering Sharia-compliant banking services for individual customers from August 2017. The bank offers Sharia-compliant Mastercard Gold and Titanium debit cards with benefits including issuance and delivery fee waivers as well as cashback on purchases. Meanwhile, Zaman-Bank - previously a commercial bank - converted to an official Islamic bank and started offering Islamic banking services. The increased availability of Islamic banking services is expected to support debit card market growth.
- As part of the governments Digital Kazakhstan program, the Roadmap for the Development of Electronic Commerce for 2018-2020 was developed to boost e-commerce growth. The program includes 28 events across five areas: regulation of e-commerce, development of e-commerce payment systems, raising digital and financial literacy, promotion of electronic commerce, and logistics infrastructure. As part of this program the government introduced a new tax law effective from January 2018, enabling e-commerce traders fulfilling certain criteria to claim a corporate income tax exemption up to a maximum of 100%. Moves such as this have pushed e-commerce adoption among SMEs in the country. As of December 2018 the number of SMEs involved in e-commerce business stood at around 1,700 - almost double compared to the previous year. E-commerce growth will further boost electronic payments.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Kazakhstans cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Kazakhstans cards and payments industry.
- Assess the competitive dynamics in Kazakhstans cards and payments industry.
- Gain insights into marketing strategies used for various card types in Kazakhstan.
- Gain insights into key regulations governing Kazakhstans cards and payments industry.
TABLE OF CONTENTS
Market Overview
Card-based Payments
E-commerce Payments
Alternative Payments
Payment Innovations
Payments Infrastructure & Regulation
Appendix
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