The AFC Analytical Center has released a review of the statistics on cashless card transactions for the year 2024.
The Amount of Cash Has Increased
By the end of 2024, the volume of cashless card transactions in the country reached a record ₸165 trillion, which is 16% more than in 2023. This figure represented 123% of GDP, indicating further penetration of cashless payments in the economy.
The growth of cashless payments was driven by:
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a favorable macroeconomic situation, including an acceleration in retail (+9.8%, to ₸22.4 trillion) and wholesale (+8.6%, to ₸47.3 trillion) trade;
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active digitalization of the economy, which was accompanied by an increase in the number of online banking users (from 23.0 to 25.9 million), growth in the number of trading enterprises (from 910 thousand to 1.1 million), and the expansion of the POS-terminal network (from 1.0 to 1.4 million).
It is noteworthy that the availability of POS terminals in the country has significantly improved: now there are 68 devices for every thousand people, compared to 53 the previous year, against the backdrop of rising consumer spending and the popularity of cashless payments. However, despite the expansion of cashless transaction infrastructure and the growth in their volume, the share of cashless operations only increased to 86.7% from 86.2% the previous year.
The stability of the share of cashless operations is attributed to a noticeable increase in the volume of cash (+20%, to ₸4.4 trillion) against a backdrop of high inflationary processes (the number of transactions decreased), several campaigns for the fiscalization of mobile transfers, and the resilience of the shadow economy's share (~18%).
It should be noted that on average, each Kazakhstani now has ₸218 thousand in cash, compared to ₸184 thousand the previous year.
In 2024, Kazakhstani citizens withdrew ₸25.4 trillion through ATMs, compared to ₸22.9 trillion in 2023 (+11%). 82% of the growth was provided by three regions: Almaty (+₸1.4 trillion), Shymkent (+₸389 billion), and the Zhetysu region (+₸249 billion).
Card Payment Transactions
International cards were more widely used than local ones. The number of payment cards from international systems grew to 54.6 million (+5.0 million, or 10.0%), while local cards increased to 26.7 million (+1.9 million, or 7.5%), leading to a moderate rebalancing of their market shares. However, due to processing peculiarities, the predominant share of cashless payments belongs to local systems—80% (thanks to convenience—such as QR payments, availability, and integration into the payment ecosystems of local banks); while in cash withdrawal operations, international systems account for 76% (ATMs process these operations through payment systems, as well as due to the use of cards abroad).
Summary of 2024
The dynamic development of the payment system continues amid increasing competition and significant investments from market participants, shifts in consumer preferences, and global technological trends.
The country-level penetration of cashless payments reached 87% by the end of 2024, with cashless transaction volumes now exceeding the corresponding cash withdrawal figures by 6.5 times (₸165 vs ₸25.4 trillion).
Regionally, the leaders in the growth of cashless transaction shares in 2024 were Almaty (+6.0 pp), Turkestan (+5.6 pp), and Akmolinsk (+5.7 pp) regions. Against this backdrop, the first two regions also surpassed the national average: in Almaty, cashless transactions now account for 91%, and in Turkestan, they account for 89%.
Meanwhile, the "average check" for a cashless transaction in the country increased during the reporting period from ₸12.6 thousand to ₸13.1 thousand (+4.0%), while for ATM withdrawals it rose from ₸94.7 thousand to ₸106.4 thousand (+12.4%), reflecting the high growth rates of nominal wages (+11.3%) and Kazakhstani incomes (+4.5%).
Further penetration of cashless operations, in addition to measures to reduce the shadow economy (KPIs for reducing the shadow economy will be included in the development plans of state agencies) and improving financial literacy, will be supported by a high level of innovation in the sector, further enhancement and establishment of national digital infrastructure (the introduction of a unified QR code for payments is expected in the first half of the year), and the active application of AI and machine learning in payment processes and products.