Over 10 Innovative CDBC Card Services Launched In Six Months On OpenWay's Way4 System

ALMATY, Kazakhstan, May 16, 2024 /PRNewswire/ -- In just 6 months after Kazakhstan launched the digital tenge, its Central Bank Digital Currency, over 10 innovative CBDC card services have become available to the country's population of 20 million. Altyn Bank, Eurasian Bank and Halyk Bank leveraged the Way4 digital payments software system to swiftly join this CBDC project and onboard 72% of early adopters of digital tenge cards. The digital tenge footprint is expanding, with 36 new use cases in its roadmap for 2024 and 2025, according to Kazakhstan's National Payment Corporation.

Bank customers in Kazakhstan can apply for virtual and plastic CBDC cards and use them for both in-store and e-commerce purchases across Mastercard and Visa global networks. Additionally, they can withdraw cash at ATMs, link their cards to Google Pay, Apple Pay and Samsung Pay, monitor their CBDC card balance and transaction history through mobile banking; and access other related services.

More than 130 countries are actively researching or implementing CBDC. While most CBDC transactions are conducted through web and mobile interfaces, the digital tenge project offers consumers a tangible instrument for CBDC payments.

Kazakhstan's Digital Tenge project is pursuing several ambitious goals. These include intensifying cross-border trade, launching innovative social and anti-corruption initiatives, and enabling integration between CBDC and non-government DeFi platforms. Way4 powers card issuing and acquiring innovations for many members of the digital tenge ecosystem: Kazakhstan's National Payment Corporation, Eurasian Bank, Altyn Bank, Halyk Bank, and national postal service Kazpost. Assisted by their partner OW Kazakhstan, three of these payments players integrated their card processing system with the Digital Tenge platform in less than two months.

The successful integration of CBDC cards into Kazakhstan's payment ecosystem is a testament to the country's forward-thinking approach and the robustness of its banking infrastructure. Many banks here have long used OpenWay's Way4 software system to introduce ground-breaking innovations: for example, the first-ever UnionPay cards issued outside of China and the world's first mobile Visa P2P transfers.

For CBDC issuance and redemption, Kazakhstan's payment regulator selected R3's Corda platform. Supported by Way4, Corda, and other technologies, Kazakhstan is strengthening its position on the international economic stage.

For more information about Way4 and its role in CBDC transactions, please visit openwaygroup.com

View original content:https://www.prnewswire.com/news-releases/over-10-innovative-cdbc-card-services-launched-in-six-months-on-openways-way4-system-302146742.html

SOURCE OpenWay

First published on Thu, May 16, 2024

Enjoyed what you've read so far? Great news - there's more to explore!

Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes.

Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands.

Dive into TechDogs' treasure trove today and Know Your World of technology!

Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. While we aim to provide valuable and helpful information, some content on TechDogs' site may not have been thoroughly reviewed for every detail or aspect. We encourage users to verify any information independently where necessary.

Tags:

OpenWay Digital Banking Digital Payment Software Digital Wallets CDBC Card Services

Join The Discussion

Mesirow Again Ranked Among Top Chicago Area Wealth Management Firms

Vaital Named By Inc. To 2026 List Of Fastest-Growing Private Companies On The West Coast

ACES India Enables Seamless 4G & 5G Connectivity At Noida International Airport Ahead Of Launch

DESTINUS Named To Fast Company's Annual List Of The World's Most Innovative Companies Of 2026

Exscape Group Announces New Partnership With Buckeye Landscape Service