With the transition to cashless payments in Kyrgyzstan, a significant effect is being observed. Since the launch of ELQR, the number of transactions has increased by 54.6%, and the amount of payments has risen nearly 85 times! In the first half of 2025, 274.9 billion soms were processed through the QR system — this is almost 20 times more than in the same period of 2024. This was reported by the Chairman of the National Bank of Kyrgyzstan, Melis Turgunbaev:
Meanwhile, there is a decrease in demand for cash: in the first quarter of 2025, Kyrgyz citizens withdrew a third less money from their cards, and the total number of withdrawal transactions decreased by 26.3%. Money remains in the banking system, which is an indicator of the maturity of the financial market.
This result is a consequence of the consistent steps taken by the National Bank to create the infrastructure for digital payments: the introduction of a unified ELQR standard in 2022, the abolition of fees for domestic transfers in 2024, and the mandatory use of QR codes for businesses. As a result, the ecosystem has become widespread: 20 banks, 14 payment organizations, 32 applications, 15 million accounts, 9.8 million cards, and 3.5 million electronic wallets. The country has almost completely transitioned to QR.
Against this backdrop, changes in user behavior are being observed. Digitized payments contribute to a more rational approach to finances. Expenses are recorded automatically, budget planning is simplified, and the number of impulsive purchases decreases. People can see their money in real-time, which is a powerful disciplining factor.
The second aspect is the accelerated development of online payments. Utility bills, state fees, mobile communications, e-commerce, and taxis — all of this is paid with just a few taps. The number of electronic wallets has increased to 3.5 million, and payments to the government have grown 371 times in terms of the number of transactions. The digital habit has strengthened: online payment has become faster, more convenient, and often more cost-effective.
The third point is access to financial instruments that do not operate in the cash economy. Interbank transfers now take mere seconds, and their volume has increased 49 times. Installments, microloans, and savings products — all of this is available in one application.
Thus, we are witnessing a transformation of the financial system. Digital payments are becoming the norm, trust in banks is growing, and financial decisions are being made more consciously.
This result is a consequence of the consistent steps taken by the National Bank to create the infrastructure for digital payments: the introduction of a unified ELQR standard in 2022, the abolition of fees for domestic transfers in 2024, and the mandatory use of QR codes for businesses. As a result, the ecosystem has become widespread: 20 banks, 14 payment organizations, 32 applications, 15 million accounts, 9.8 million cards, and 3.5 million electronic wallets. The country has almost completely transitioned to QR.
Against this backdrop, changes in user behavior are being observed. Digitized payments contribute to a more rational approach to finances. Expenses are recorded automatically, budget planning is simplified, and the number of impulsive purchases decreases. People can see their money in real-time, which is a powerful disciplining factor.
The second aspect is the accelerated development of online payments. Utility bills, state fees, mobile communications, e-commerce, and taxis — all of this is paid with just a few taps. The number of electronic wallets has increased to 3.5 million, and payments to the government have grown 371 times in terms of the number of transactions. The digital habit has strengthened: online payment has become faster, more convenient, and often more cost-effective.
The third point is access to financial instruments that do not operate in the cash economy. Interbank transfers now take mere seconds, and their volume has increased 49 times. Installments, microloans, and savings products — all of this is available in one application.
Thus, we are witnessing a transformation of the financial system. Digital payments are becoming the norm, trust in banks is growing, and financial decisions are being made more consciously.
