Photo by the media. Head of the National Bank of Kyrgyzstan Melis Turgunbaev
According to him, after the implementation of the ELQR system, online payments have become a common practice for citizens, with the number of transactions increasing by 54.5 times and the volume of transactions nearly 85 times.
From January to June of this year, 274.9 billion soms were processed via the QR method, which is 20 times higher than the figures for the same period last year.
“Cash is gradually losing popularity: the volume of withdrawals from cards has decreased by a third, and the number of such transactions has decreased by 26.3 percent. Funds remain in the financial system, which indicates the maturity of the market,” noted Melis Turgunbaev. He emphasized that such growth was achieved thanks to the well-thought-out policy of the National Bank, including the implementation of a unified standard, the abolition of fees, and the mandatory acceptance of QR codes.
In addition, Turgunbaev noted changes in consumer behavior: there is an increase in the transparency of expenses and a decrease in impulsive purchases.
“Online payments have become commonplace. People use them for various needs — from paying utility bills to state fees. Payments to the state have increased 371 times. The digital ecosystem provides access to fast transfers, installments, and savings products. Financial decisions are becoming more conscious, and trust in banking institutions is growing,” he added, commenting on current trends in the financial sector.
