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Kazakhstan plans to develop cell phone based payment system

June 24 2014, 09:31

Payment system in Kazakhstan will develop on the basis of cellular phones. Kazakh Prime Minister Karim Massimov made the remarks at a joint session of the Kazakh Parliament`s chambers.

"Credit cards will be an element of the past in ten years. The further development of the payment system goes to cell phones. Potentially, in the relatively near future, the only means of payment will be a cell phone in countries that are experiencing rapid development of information and communication technologies. It will perform the functions of storing data and the issues of payment means. I think that with the high level of internet and cell phones in Kazakhstan, the further development of this area is practically without alternative," he said.

This will affect many aspects of life in the country, according to Massimov.

"We would have to make a significant jump for the promotion of this direction in Kazakhstan in 3-5 years together with the National Bank and the second-tier banks with the support of the MPs. I suppose that under the control of the MPs and community it will be able to spend money for attracting the most advanced technologies," the PM said, noting that now there are a lot of controversies regarding the need to develop the payment system.

In some neighboring countries, these disputes rose in practice order. He suggested not to go through those steps by which the developed world has already passed, and see where it all moves ahead, Trend reported.

"The involvement of information technology in the economy of Kazakhstan is an undisputed issue. Perhaps, there is no alternative for the development of information and communication technologies. The only way, in my opinion, is seen in the development based on information and communication technologies. Now we have to build an entire system around the state economy. All this should center on common information and communication technologies," Massimov said. 

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