Five countries plan to integrate QR payment systems

Representatives of the national banks of Azerbaijan, Uzbekistan, Kazakhstan, Kyrgyzstan, and Tajikistan have prepared a plan for the joint development of payment systems.

Operativ Media reports that the fourth meeting on the issue was held in Tajikistan.

During the meeting, participants supported Kazakhstan's proposal regarding the integration of national QR payment systems.

A corresponding mechanism for the integration is expected to be developed by the end of the year.

The new system will enable residents of the five countries to pay for goods and services abroad through their mobile banking apps, as well as make fast money transfers to one another.

The central banks of the countries agreed to set up a working group to study the interoperability of national payment platforms.

The group will focus on linking instant payment systems, standardizing QR payment formats, and ensuring the compatibility of national infrastructure.