Kazakhstan Experiences Rapid Growth in Digital Banking, Cashless Transactions

Kazakhstan has witnessed a significant surge in digital banking and non-cash transactions, with the number of online users now surpassing the country's population.

Monthly cashless turnover has also exceeded average incomes, according to economist Ruslan Sultanov, The Caspian Post reports, citing Kazakh media.

As of June 1, the National Bank of Kazakhstan reported 81.2 million registered bank cards in the country, a 5% increase from the previous year. On average, there are four bank cards per person, though only 41.3 million are actively used - equivalent to two active cards per inhabitant.

Almaty leads the country in card usage with four active cards per person, while people in Astana, the Karagandy, Atyrau, and Pavlodar Regions usually have around two active cards each.

Digital banking continues to grow rapidly, with 26.7 million active online banking users - exceeding the country’s population of 20.3 million. Popular platforms include Kaspi.kz, Homebank, Home Credit, and Forte.

From January to May, Kazakhstan recorded 5.4 billion non-cash transactions totaling 70.8 trillion tenge (US$134.9 billion) - 2.3 times the national GDP for the same period. Nearly 80% of all transactions were carried out via internet and mobile applications, with the rest through POS terminals and QR payments.

The average monthly volume of non-cash transactions per person reached 694,900 tenge (US$1,324), significantly exceeding the average monthly income (224,000 tenge or $427) and salary (423,000 tenge or $806). While this gap may appear alarming, it reflects a combination of personal and business-related spending, including peer-to-peer transfers, loan repayments, tax payments, and entrepreneurial turnover through personal accounts.

Similar trends are seen in other digital economies like Poland, South Korea, and Türkiye, where financial turnover exceeds reported income by 1.5 to 2.5 times, indicating this is a norm for fintech-driven systems.