The Market of Cashless Payments in Kazakhstan: Trends and Development Prospects

Abstract

Over the past decade, Kazakhstan has demonstrated a significant transition from a predominantly cash-based to an almost entirely cashless economy. This rapid growth has highlighted the need to study Kazakhstan’s experience in payment digitalization and to identify key trends and future development prospects of the market. Objective – to conduct a comprehensive structural analysis of the cashless payment market in Kazakhstan, with a focus on identifying the drivers of its accelerated growth, the institutional and technological features of the national model, as well as assessing prospects for further development in the context of economic digitalization.  Methods – the study employs methods of retrospective analysis of statistical data from the National Bank of the Republic of Kazakhstan, a structural-institutional approach, and elements of comparative analysis with international case studies. Results – during the study period (2016–2025), Kazakhstan experienced an accelerated transition from a cash-based to a cashless economy: the share of cashless transactions increased from 16% to 87%, while the number of active payment cards exceeded 42.6 million. Key drivers included the development of payment infrastructure, regulatory initiatives, competition in the banking and fintech sectors, as well as the COVID-19 pandemic. The article also provides a comparison with international models of payment system digitalization (in particular, India and Russia), which made it possible to identify the unique features of Kazakhstan’s experience. Conclusions – the sustainable development of Kazakhstan’s cashless payment market is ensured by the interaction of institutional, infrastructural, and market factors, which have formed the foundation for a deep digital transformation of the financial system. The results have practical significance for the development of effective payment policy and the enhancement of financial inclusion in the country.