· ProFinance Consulting
This publication retains its 2024 text. Legislative changes after the publication date are not reflected in it.
The Law of the Republic of Kazakhstan on Payments and Payment Systems was adopted on 26 July 2016 and entered into force on 10 September 2016. It has since undergone numerous amendments and additions.
The Law on Payments and Payment Systems supports Kazakhstan's digital economy, simplifies payment and transfer procedures, and promotes financial stability and transparency in financial services. It establishes rules for payment organisations transferring money within the country and abroad.
Paragraph 1 of Article 12 of the Law provides for the following payment services that payment organisations may perform:
- accepting and executing payments and/or money transfers using a bank account;
- accepting cash for crediting to bank accounts, including third-party accounts;
- accepting cash to make a payment without opening a bank account for the sender;
- making money transfers without opening a bank account;
- issuing and redeeming electronic money;
- issuing payment cards;
- selling or distributing electronic money and payment cards;
- accepting and processing payments made using electronic money;
- processing payments initiated electronically by a client and transmitting the necessary information to a bank or organisation performing certain banking operations to execute a payment and/or transfer, or receive funds for those payments.
The Law's main principles include:
- requirements for registering payment organisations with the National Bank of the Republic of Kazakhstan and regulating payment organisations;
- establishing standards for payment systems;
- and protecting the interests of payment service users.
The main objective of the Law is to create favourable conditions for financial-sector development and ensure convenience and security for all payment system users.
Payment organisations must undergo registration under Resolution No. 215 of the Board of the National Bank of Kazakhstan, Approving the Rules for Organising the Activities of Payment Organisations, dated 31 August 2016, and be included in the National Bank's register.