Kazakhstan is set to introduce cross-border QR-code payment systems with China by the end of 2026, paving the way for citizens of both nations to conduct mobile transactions during their travels between the two countries. This initiative is part of a broader effort by Kazakhstan’s National Bank, which is in the process of establishing similar payment services with 11 other nations, including India, the United Arab Emirates, Kyrgyzstan, and Uzbekistan. While the agreement with China is anticipated to be operational by 2026, systems with other nations are slated for introduction starting mid-2027.
The collaboration with China is expected to facilitate the use of the yuan in everyday consumer activities, extending its role beyond traditional trade and investment avenues. This move underscores the increasing financial collaboration between Beijing and Central Asian countries, a development aligned with China’s Belt and Road Initiative. Kazakhstan and China have already laid the groundwork for this cooperation; in 2024, Kazakhstan’s financial services company Kaspi.kz teamed up with Alipay, enabling Kaspi users to make mobile payments while in China.
China has been actively promoting the internationalization of the yuan, aiming to bolster cross-border payment systems and lessen reliance on the US dollar. As part of this strategy, Beijing is expanding the use of digital yuan and QR-based payment solutions. The planned QR-code payment system with Kazakhstan could significantly boost the regional financial interconnectivity and enhance the adoption of yuan-based payment methods across Central Asia.
This initiative represents a step forward in fortifying economic ties and fostering seamless financial transactions between Kazakhstan and China. By enabling easy mobile payments for citizens traveling between the two countries, the project not only enhances consumer convenience but also solidifies the yuan’s presence in Central Asia’s economic landscape. As the system comes into effect, it is likely to serve as a model for other nations in the region looking to implement similar financial collaborations.