The Agency for Regulation and Development of the Financial Market (ARDFM) has responded to calls for the resignation of its chairperson Madina Abylkassymova, which appeared in a petition following the launch of a single interbank QR code. The agency stated that matters concerning the system's operation, as well as the regulation of interbank acquiring commissions, fall outside its remit.
WHAT DEMANDS DOES THE PETITION CONTAIN
According to Nege.kz, the petition was posted on the GosRating platform. Its author and approximately 1,300 signatories believe that the financial burden on businesses has increased following the launch of the single interbank QR code.
The appeal notes that the single QR code was presented as a tool intended to simplify payment acceptance and free entrepreneurs from the need to use several POS terminals. However, according to the petition's author, when paying via a QR code from another bank, the commission can reach 1.5%.
WHY HAVE ENTREPRENEURS SUBMITTED THE APPEAL
The petition's author points out that for low-margin sectors, particularly travel agencies and corner shops, a commission exceeding 1.5% reduces business profitability and cuts into profits.
The appeal also states that under such conditions, in the author's view, it is more advantageous for entrepreneurs to continue using terminals from different banks rather than switching exclusively to the single QR code.
WHAT THE ARDFM RESPONDED
The ARDFM stated that the operation of the single QR code does not fall within the agency's competence.
The agency explained that matters concerning the regulation of payment systems and tariffs on interbank payments fall under the authority of the National Bank. Furthermore, the ARDFM emphasised that it does not set commissions for interbank acquiring or regulate the tariff policy of payment systems.
HOW SUCH PETITIONS ARE CONSIDERED
It was noted that the appeal has been published on the GosRating platform.
Meanwhile, state bodies are obliged to consider petitions posted on the e-Petition platform only after they have passed preliminary moderation and gathered 50,000 citizen signatures.
CONTEXT
The single interbank QR code began operating in Kazakhstan on 17 July, when some banks granted their customers access to the service ahead of the official launch on 19 July. The system allows payments to be made via the app of any connected bank, provided the point of sale supports the new format.
As previously explained by the National Bank, the single QR code merged individual bank QR services into one system. For customers, this means the ability to pay for purchases through their own bank's app without needing to find a specific bank's terminal, and for entrepreneurs, it means using existing payment infrastructure without installing additional equipment.
