(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
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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