June 20, 2022, Almaty.

Kazakhstan launched the Instant Payment System (the IPS), to which Eurasian Bank was one of the first to join. The system allows Kazakhstanis to provide with instant payments and transfers by phone number between accounts and electronic wallets of any banks and payment companies.

“We are sure that more banks will want to join the Instant Payment System for the convenience of their customers. The new technological service that we are implementing allows you to pay for services or transfer money to customers of other banks only by phone number. It is not necessary to know the card number or bank details. The funds received by the instant payment are immediately available to the recipient. Transactions are possible at any time of the day and seven days a week. Kazakhstanis will only benefit from such cooperation between banks,” noted Ivan Belokhvostikov, Deputy CEO of Eurasian Bank.

The Bank successfully made the first money transfers inside the system in a pilot mode back in November 2021. And since 8 June 2022, its functionality became available to customers through the Smartbank mobile app.

Payments and transfers are made in the IPS only in tenge, using simplified identifiers, and today this is the phone number. Funds are credited to the recipient located anywhere and at any time of the day in real time at favorable rates.

To transfer funds, the customer must select the “Transfers” tab in the Eurasian Bank Smartbank app, then “By phone number”, and then enter the phone number or the name of the addressee to select from the phone book list.