(MENAFN- Trend News Agency) ASTANA, Kazakhstan, November 7. The National Bank of Kazakhstan and Visa have signed a Memorandum of Cooperation during the official visit of President Kassym-Jomart Tokayev to Washington, Trend reports via the bank.

The document was signed by Akylzhan Baimagambetov, Deputy Chairman of the National Bank, and Robert Thomson, Global Head of Government Engagement at Visa.

“The memorandum aims to further strengthen the long-standing partnership between the National Bank and Visa, as well as to jointly implement initiatives for the development of Kazakhstan's payment market. We believe that our shared efforts will contribute to advancing the payment industry and open new opportunities for market participants,” Baimagambetov said.

Under the agreement, the parties plan to establish a Center of Competence based at the National Payment Corporation of the National Bank. The center will focus on testing cutting-edge payment solutions, including card services involving digital assets, and assessing their practical benefits for financial market participants.

Another crucial piece of the puzzle will be beefing up the Anti-Fraud Center of the National Bank. The parties intend to explore AI-driven technologies to improve the efficiency of fraud prevention and strengthen the security of Kazakhstan's financial ecosystem.

Payment innovations in Kazakhstan encompass the swift expansion of mobile wallets and super apps such as Kaspi, the prevalent use of QR code payments, the establishment of an Instant Payment System (IPS), and the integration of advanced technology like biometrics and artificial intelligence to improve security and efficiency. The government and central bank actively endorse these digital payment schemes to enhance financial inclusion and diminish dependence on cash.

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