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National Bank of Kyrgyzstan plans to introduce its own payment system

National Bank of Kyrgyzstan is considering a possibility of creation an alternative to Samsung Pay and Apple Pay. The head of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov announced at a parliament meeting.

Deputy of the Parliament Dastan Bekeshev asked the Chairman of the National Bank when NFC technology would be introduced in Kyrgyzstan, which allows credit card holders to make contactless payments using their cell phones.

Tolkunbek Abdygulov replied that this technology already existed. The issue is infrastructure readiness.

«Commercial banks are dealing with it. Several of them have already issued contactless credit cards. This is the first step. The second is the technology of payment via telephone. But these technologies are connected with manufacturers of cellular devices. As of today, the most famous payment services are Samsung Pay and Apple Pay, but they do not plan to enter our market so far,» Tolkunbek Abdygulov said.

According to him, they are considering an alternative option — creation of own similar system. «But this is a costly thing, and the burden will fall on commercial banks, they will be forced to bear the costs,» the head of the National Bank explained.

He noted that there are no restrictions at the legislative level for introduction of this system.