At least 42.68 million payments for 48.79 billion soms were made in Kyrgyzstan via QR codes as of the beginning of November 2024. The project was launched in May 2022. In this regard, the National Bank and the Interbank Processing Center (IPC) developed a resolution, according to which it is planned to increase the speed of payments.
In two years, QR codes have become part of everyday life. Today, payments using QR codes are available around the clock and seven days a week. For this, a convenient infrastructure was created, and a national standard was adopted that ensures a unified system for the operation of payment systems.
The central bank presented statistics on payments made, including:
- Payments for state services. From June 2023 to October 2024, at least 467,000 payments for 1.59 billion soms were made through the QR code system.
- Bank transactions. In the third quarter of 2024, at least 62.6 million transactions for 259.9 billion soms were carried out using bank cards. The number of transactions through POS terminals increased by 67.6 percent.
- Electronic money. Over the same period, 48.3 million transactions for 45.9 billion soms were carried out through electronic money systems — a 2.3-fold increase.
The National Bank and IPC CJSC plan to expand the functionality of the system, including cross-border payments. The main goal is to create a single payment space available in real time. In addition, the draft resolution requires from payment services to carry out fast transfers and payments using QR codes and other identifiers in a transparent form.
The following is planned to be made in the future:
- Increase the speed and convenience of payments;
- Expand integration with the systems of other countries, including the EAEU;
- Ensure the security of transactions.
