In a significant move to enhance financial collaboration, Kazakhstan is gearing up to introduce cross-border QR-code payment systems with China by the close of 2026. This initiative aims to facilitate mobile payments for citizens traveling between the two nations, marking a notable development in the financial landscape of Central Asia.
The National Bank of Kazakhstan has revealed plans to establish cross-border payment systems with 11 countries, including major economies like China, India, and the United Arab Emirates, along with neighboring nations such as Kyrgyzstan and Uzbekistan. While the collaboration with China is set for completion by 2026, systems with other countries are projected to roll out starting mid-2027.
Expanding the use of the yuan beyond traditional trade and investment, the agreement with China signifies a broader application in consumer transactions. This development underscores the strengthening financial ties between Beijing and Central Asian countries, a key aspect of China’s Belt and Road Initiative, which aims to enhance regional connectivity and economic integration.
This strategic move builds on existing payment collaborations, notably the partnership established in 2024 between Kazakhstan’s Kaspi.kz and Alipay. This partnership enables Kaspi users to make mobile payments seamlessly within China, setting a precedent for further financial integration.
China’s push for the internationalization of the yuan forms part of its broader strategy to bolster cross-border payments and diminish reliance on the US dollar. By promoting the use of digital yuan and QR-based payment systems, the Kazakhstan-China payment initiative is poised to reinforce regional financial connectivity, potentially increasing the prevalence of yuan-based payment systems across Central Asia.