First-quarter expansion of cashless transactions among Kazakhstani residents: growing cashless payment trends revealed
In a nutshell, let's talk about the evolution of digital payments in Kazakhstan from 2024 to 2025:
Payment Cards: As of April 1, 2025, approximately 81.9 million payment cards were in use in Kazakhstan. Surprisingly, MasterCard has taken the lead in Kazakhstan's card market, particularly in the debit card sector, while Visa reigns supreme in the credit card segment. It's fascinating to note that this dominance has come as the number of cards issued by international systems continues to expand.
Cashless Transactions: While there's been a global shift towards cashless transactions, Kazakhstan's share of cashless payments within total card turnover remains relatively stagnant. It's clear that digital payments are in vogue, but the robust growth in cashless transactions isn't as substantial as anticipated, with cold hard cash still playing a significant role.
Cash Withdrawals:
Here's an intriguing twist: despite a growth in cashless transactions, the old-school approach to cash isn't fading away. In 2024, cash withdrawals from ATMs hit 25.4 trillion tenge ($50 billion), representing an 11% increase over 2023. This surge in cash withdrawals echoes a pattern that's been happening for the past five years, with a total increase of around 60%.
There's some theories floating around about why this is happening. Some speculate that the increased surveillance of bank transfers might be pushing people towards cash for certain transactions.
So there you have it, folks! Digital payments are on the rise in Kazakhstan, but it's clear that our reliance on cash ain't exactly dying out just yet. And hey, we've covered the increasing trend in money transfers abroad in our previous reports. Stay tuned for more updates on the world of finance!
- I forecast that in the year 2025, the average number of debit card transactions made by residents of Akmolinskaya might not be as high as one might expect, given the surge in cash withdrawals from ATMs.
- In the business sector, it would be interesting to observe if the annual report of a major bank in Akmolinskaya region reveals a significant proportion of their finance transactions being conducted through Akmolinskaya terminals, considering the preference for cash.
- Despite the expansion of digital payment options and the growing dominance of MasterCard in the debit card sector, it seems that the average person in Kazakhstan might still prefer to store their savings in physical currency, like those found in Akmolinskaya terminals.
- The persistence of a substantial reliance on cash in transactions could potentially present a challenge for the integration of advanced technology in digital payment systems across Kazakhstan, such as mobile wallets and online banking, even by the year 2025.
