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February 2, 2017

CyberPlat^® has become Kazakhstan’s first registered payment system

CyberPlat Kazakhstan — Kazakhstan’s historically first and largest provider of electronic settlements — is the first payment system to have undergone a procedure of record registration in compliance with the Law «On payments and payment systems». Information about the registration has been published to the register of payment organizations on the website of the National Bank of the Republic of Kazakhstan.

Law No. 11-VI dated July 26, 2016 «On payments and payment systems» signed by the President of the Republic of Kazakhstan, Nursultan Nazarbayev, has sorted out state control and supervision over operations of electronic payment systems, has sorted out relationships in organization of the payment market and has regulated procedures for carrying out payment services.

The law has defined that private non-banking institutions that render payment services within Kazakhstan must undergo a record registration with the National Bank and that information shall be indicated in the register.

CyberPlat^® system has been running in Kazakhstan since 2006. Its payment infrastructure includes over 30,000 outlets with regional representative offices located in every major city of the republic. CyberPlat^® accepts payments to mobile and landline operators, ISPs and mobile web providers, security alarm systems, utility providers among many others. Payments are processed in real time and money is credited within seconds.

Strict compliance with the national law in every country of our presence is an undisputed priority of the CyberPlat^® payment system. We support initiatives of the National Bank of the Republic of Kazakhstan aimed at sorting out procedures of that business segment in line with international practices and aimed at increasing transparency of the payment processing procedures. The law facilitates to develop a competitive environment on the payment services market of the Kazakhstan Republic and to create favorable conditions for protecting rights of the end users», comments CEO of the CyberPlat^® electronic payment system, Andrey Gribov.

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