By the close of 2026, Kazakhstan is set to introduce a cross-border QR-code payment system with China, facilitating mobile transactions for travelers between the two nations. This initiative is part of a broader strategy by Kazakhstan’s National Bank, which is in the process of establishing cross-border payment services with 11 countries, including China, India, the United Arab Emirates, Kyrgyzstan, and Uzbekistan. Expansion of these systems to additional countries is anticipated to begin in mid-2027.
The collaboration with China is poised to extend the usage of the yuan into routine consumer payments, beyond its traditional roles in trade and investment. This development signifies a deepening of financial ties between China and Central Asian countries under the framework of the Belt and Road Initiative. The planned payment system is a continuation of the existing financial collaboration between Kazakhstan and China. For instance, in 2024, a partnership was formed between Kazakhstan’s Kaspi.kz and Alipay, enabling Kaspi users to execute mobile payments in China.
China’s efforts to promote the internationalization of the yuan are evident through its push for enhanced cross-border payments and a move to decrease reliance on the US dollar. Part of this strategy involves the expansion of the digital yuan and the implementation of QR-based payment systems. The Kazakhstan-China payment project aligns with these goals, potentially boosting the application of yuan-based payment systems throughout Central Asia.
The anticipated launch of this payment system could significantly enhance financial connectivity in the region, providing a seamless transactional experience for consumers and contributing to the broader economic integration of Central Asia with China. By fostering such initiatives, both nations are expected to strengthen their economic partnerships and facilitate smoother trade and travel experiences.