Kazakhstan is set to implement cross-border QR-code payment systems with China by the end of 2026, facilitating mobile transactions for travelers between the two nations. This initiative is part of a broader effort by Kazakhstan’s National Bank, which is working to establish cross-border payment services with 11 countries, including China, India, the United Arab Emirates, Kyrgyzstan, and Uzbekistan. The expansion to other nations is anticipated to begin in mid-2027.
The agreement with China is poised to extend the use of the yuan from traditional trade and investment spheres to everyday consumer transactions. This move underscores the growing financial collaboration between China and Central Asian countries within the framework of the Belt and Road Initiative. The planned payment system leverages existing partnerships, such as the one established in 2024 between Kazakhstan’s Kaspi.kz and Alipay, which enabled Kaspi users to make mobile payments in China.
China has been actively promoting the yuan’s international use, aiming to bolster cross-border payments and minimize reliance on the US dollar. This is part of Beijing’s broader strategy to enhance the adoption of digital yuan and QR-based payment systems. The Kazakhstan-China initiative is expected to fortify regional financial connectivity and boost the proliferation of yuan-based payment systems throughout Central Asia.
As Kazakhstan and China move forward with this payment system, the potential impact on regional economies could be significant. By fostering greater financial integration and offering more convenient payment options for consumers, the initiative may pave the way for increased economic cooperation and exchange across the region.