Kazakhstan is advancing its financial ties with China by planning to introduce cross-border QR-code payment systems by the close of 2026. This initiative will permit citizens from both countries to carry out mobile transactions as they travel between Kazakhstan and China. This endeavor is part of a broader strategy by Kazakhstan’s National Bank to establish cross-border payment networks with a total of 11 nations, including China, India, the United Arab Emirates, Kyrgyzstan, and Uzbekistan. The implementation of these systems with additional countries is anticipated to begin from the middle of 2027.
The forthcoming payment system with China is set to broaden the daily use of the yuan beyond its traditional roles in trade and investment, integrating it into routine consumer payments. This development signifies an enhancement in the financial collaboration between China and Central Asian countries, an effort that aligns with Beijing’s Belt and Road Initiative. The initiative underscores a growing trend of fiscal partnerships between China and its Central Asian neighbors.
This new system is an extension of the already established payment cooperation between Kazakhstan and China. In a move towards this goal, Kazakhstan’s major financial service provider, Kaspi.kz, joined forces with China’s Alipay in 2024. This partnership enabled Kaspi’s users to make mobile payments while in China, thus laying the groundwork for more integrated payment solutions between the two nations.
China’s push for the internationalization of the yuan is part of its broader strategy to enhance cross-border payment systems and lessen reliance on the US dollar. As part of this initiative, Beijing is also increasing the adoption of the digital yuan and QR-based payment methods. The Kazakhstan-China payment collaboration is poised to bolster regional financial integration and promote the use of yuan-based payment solutions throughout Central Asia.
