Visa Joins Issuing Of First Digital Tenge Payment Card

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, November 15. Visa became a participant in the launch of the first digital Kazakh tenge payment card linked to central bank digital currency (CBDC), in collaboration with the National Payment Corporation of Kazakhstan (NPC), HalykBank, CenterCredit Bank and AltynBank, Trend reports.

CBDC cards are intended to bridge the gap between emerging digital currency and Visa payment systems.

The official debut of the digital tenge took place at a presentation at the Kazakhstan Congress of Financiers. The digital tenge's full implementation is expected to be completed by the end of 2025.

The new Visa-based digital tenge payment cards can be used anywhere Visa cards are accepted. CBDC cards will be available to NPC employees in the first step of adopting digital tenge.

"The launch of the first card linked to the digital tenge marks an exciting stage in the evolution of money and demonstrates the importance of public-private partnerships in driving innovation and accessibility of digital payments," Andrew Torre, President of Visa in the region of Central and Eastern Europe, the Middle East and Africa said at the Congress of Financiers of Kazakhstan.

Visa also expressed its readiness to continue working to support and develop the cashless economy and digital ecosystem in Kazakhstan in cooperation with a wide range of partners.

Visa is the world leader in the electronic payments. Visa processes payment transactions between consumers, businesses, financial institutions and government agencies in more than 200 countries and territories.

The first transaction using Kazakhstan's digital tenge was carried out by the Chairman of the National Payment Corporation today at the Congress of Financiers of Kazakhstan.

Kazakhstan has been discussing the idea of creating a digital tenge for years. In 2021, the National Bank of the Republic of Kazakhstan, in close cooperation with financial market participants, the expert community and international partners, implemented a pilot project digital tenge.

In 2022, the National Bank continued to study the benefits and costs of the introduction of the digital tenge, work was carried out to expand the technological functionality of the platform and quantitative economic studies were carried out.

An analysis of the regulatory aspects of the introduction of digital tenge was also carried out, and approaches to the development of the ecosystem were developed.

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