Kazakhstan, a country located in Central Asia, has been experiencing a surge in fintech growth in recent years. This growth can be attributed to the increasing adoption of digital payments and super-apps in the country.
Digital payments have become increasingly popular in Kazakhstan due to their convenience and ease of use. With the rise of e-commerce and online shopping, more and more people are turning to digital payments as a way to make purchases. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping and contactless payments.
In addition to digital payments, super-apps have also been driving fintech growth in Kazakhstan. Super-apps are mobile applications that offer a wide range of services, including payments, banking, and insurance. These apps have become popular in Kazakhstan due to their convenience and the ability to access multiple services from a single platform.
One of the most popular super-apps in Kazakhstan is Kaspi.kz. The app was launched in 2013 as a digital wallet and has since expanded to offer a range of financial services, including loans, insurance, and investments. Kaspi.kz has become so popular in Kazakhstan that it is now the country’s largest bank by market capitalization.
Another popular super-app in Kazakhstan is Beeline. The app was launched by the telecommunications company Beeline and offers a range of services, including mobile payments, money transfers, and bill payments. Beeline has become popular in Kazakhstan due to its ease of use and the ability to access multiple services from a single platform.
The adoption of digital payments and super-apps has not only driven fintech growth in Kazakhstan but has also led to increased financial inclusion. According to a report by the World Bank, only 38% of adults in Kazakhstan had a bank account in 2017. However, with the rise of digital payments and super-apps, more people are gaining access to financial services.
The government of Kazakhstan has also been supportive of fintech growth in the country. In 2018, the government launched the Digital Kazakhstan program, which aims to promote the development of digital technologies in the country. The program includes initiatives to support fintech startups and promote the adoption of digital payments.
In conclusion, the adoption of digital payments and super-apps has been driving fintech growth in Kazakhstan. These technologies have not only made financial services more convenient but have also led to increased financial inclusion in the country. With the government’s support, the fintech industry in Kazakhstan is expected to continue to grow in the coming years.
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- Source: Plato Data Intelligence: PlatoData