Answers to Current Questions about Card in Digital Tenge

On 15 November 2023, Eurasian Bank and the Kazakhstan National Payment Corporation presented a payment card in digital tenge on the Mastercard platform at the XI Congress of Financiers. It became the first payment card in Eurasia in the digital currency of the central bank (Central Bank Digital Currency).

Answers to the current questions about the card in digital tenge.

How to open a card in digital tenge in Eurasian Bank?

To open a card in digital tenge, the client needs to log in to Smartbank, select the CBDC Card product, go through the process of opening it, and top up the card in any available way: from the account or a Eurasian Bank card, from another bank card. After that, the client can pay with a card in digital tenge wherever there are POS terminals. This opportunity will be widely available in 2024.

Will the digital tenge be stored on the card?

The digital tenge will be stored on the digital account of the National Bank of the Republic of Kazakhstan, which will be linked to the Bank payment card.

What is the advantage of the card in digital tenge?

The cardholder gets access to a digital tenge account in the bank and with it another payment method and the flexibility to manage their funds. Cardholders can safely spend digital tenge offline (that is, without access to the Internet), in online stores, on various websites and in applications. The card can be stored in the consumer’s phone, watch or physical wallet.

What is the advantage of the card for businesses?

For businesses, the advantages of the card are an even greater choice of accepted payment methods without the need to modernize the infrastructure, for example, you do not need to install additional equipment or update software. Security is an important factor: cardholders are provided with advanced Mastercard technologies and benefits that protect cardholders and merchants from fraud and guarantee security.

If an entrepreneur opens a digital account and accepts payments in digital tenge using a POS terminal, then the main advantage for him/her will be the ability to receive payment for the service online. For example, with ordinary non-cash money, an entrepreneur receives money only the next day.

Is it possible to replenish the card in digital tenge with cash through terminals or Bank cash desks?

Yes, such an opportunity will be introduced into the list of standard services of the Bank.

Is it possible to cash out digital tenge from the card?

Yes, digital tenge can be cashed anywhere in the world where there is an ATM.

When will Kazakhstanis be able to open a card in digital tenge in Eurasian Bank?

At the moment, the Bank is at the stage of pilot operation of the digital tenge, and the card is available to a limited focus group. To keep up to date with the latest news and notifications about the possibility of opening a card in digital tenge, we recommend that you follow the Bank newsletters and updates on the official website.

Will the digital tenge have an expiration date?

The digital tenge is the third form of the national currency, which is a digital representation of cash. There are no time limits on the use of digital tenge.

What is the difference between ordinary cards and a card in digital tenge?

It will be possible to pay with a digital tenge card even where there is no access to the Internet. The second difference is an increase in the efficiency of spending public money. This will allow, on the one hand, to ensure the control of budgetary funds by the public and state bodies, and on the other – to guarantee the constitutional rights of citizens. The next difference is that money is stored in a digital account in the National Bank, and they are fully guaranteed by the state, unlike, for example, conventional cards, current accounts and deposits, where there are regulatory restrictions on the guaranteed amount.