Mechanisms of formation and development of stability of the national payment system of Kazakhstan: empirical outcome assessments and regulatory pathways

Abstract

The article examines the mechanisms for the formation and development of a sustainable national payment system (NTS) in Kazakhstan in the context of technological transformations and digitalization. Institutional, technological and regulatory aspects are considered, including the introduction of biometric identification, open APIs, instant payment system (IPS) and ISO 20022 standards. Regulatory acts and statistical data of the National Bank of Kazakhstan (NBRK) for the period from 2017 to 2027 are analyzed. System analysis, comparative analysis, and case study methods have been used, which include examples such as API test environment projects and the NBRK antiphrod Center. The main factors of the stability of the NTS were identified: technological infrastructure, cybersecurity and financial inclusion. The risks of digitalization, such as cyber threats and regulatory gaps, are noted. It is shown that the sustainable development of NTS requires a balanced approach to innovation and supervision. A conceptual model of NMS management has been developed aimed at reducing transaction costs and increasing the availability of financial services. Recommendations were given to the NBRK and the agency for regulation and development of the financial market (NPR) to optimize infrastructure and stimulate competition. The results underline the importance of Public-Private Partnership to strengthen Kazakhstan's position in the digital economy. The study will contribute to the improvement of the regulatory framework and the development of fintech solutions within the framework of the Digital Kazakhstan program.