Financial analyst Andrey Chebotarev believes that the unified QR code project in its current form has turned out to be 'stillborn'. In his opinion, one of the main reasons is the high fees, which have deprived the system of sufficient incentives for widespread adoption. This was reported by Qazaqyia.kz citing Kursiv Media.
'For some reason, the National Bank set a very high fee, which essentially makes it a stillborn project,' Chebotarev said.
According to the analyst, the initial idea was to free stores from the need to install terminals from different banks. However, as the expert believes, this did not happen in practice.
'Stores still have the same terminals,' he noted.
In Chebotarev's opinion, it is currently unprofitable for entrepreneurs to abandon terminals of individual banks and switch only to the unified QR code. A similar situation arises for buyers, since when paying through other banks, they often lose their usual cashbacks and bonuses.
That is why, the analyst believes, neither businesses nor consumers are yet interested in a full transition to the new system.
Answering a question about the possible impact of the unified QR code on bank shares, Chebotarev stated that such changes cannot significantly change their market value.
'Even if this system were successful, it does not affect the capitalization of banks,' the expert emphasized.
Earlier, Deputy Chairman of the National Bank Binur Zhalenov said that after the launch of the unified QR code, entrepreneurs themselves will decide how many payment terminals they need to keep.