For years, Kazakhstan has been working to enhance its use of technology throughout the Central Asian country. From fully digitizing the process of public services, from school enrollment to the issuing of passports, in the past year, Kazakhstan has been ranked 24th globally in digital development due to its digital progression as a country. Therefore, it comes as no surprise that the country’s leading banking service has been working hard to bring the world of digital payments to life, with a unique twist.

Background

However, this change does not come without a few issues. With the increase in daily technology usage in the country, digital scams have become more common. The Times of Central Asia reports that since July 2024 alone, anti-fraud centers have suspended more than 63,000 suspicious transactions across the country that amounted to over four million dollars. Most of these scams, according to the Times, stem from the use of cell phones. Another large factor in these scams includes the use of SIM cards under false identities. These scams can target anyone, but they have a devastating impact on those who struggle financially or are otherwise vulnerable.

Kaspi

Defined as “the largest consumer-focused ecosystem in Kazakhstan” through its website, Kaspi is much more than a banking platform. Besides allowing its users to pay for utilities or their education with their app, the Central Asian banking platform also has its own marketplace, where users can buy anything from cell phones to stuffed animals through different merchants. Think of the Shop App as Kaspi, but without the banking aspect; with both apps, you can track your purchases, pay for almost anything through installments, and find unique offers on products from merchants.

Unlike the Shop App, Kaspi is allowing its users to pay with a part of their body. When it comes to paying with facial recognition or a fingerprint, like many Apple Pay or Samsung Pay users experience as a way of verifying any day-to-day purchase, Kaspi has launched a new service where customers are able to pay with the palm of their hand. The “Kaspi Alaqan,” service is “easier” than paying with your card, phone or digital wallet, according to the company, particularly because there is no WiFi connection necessary for the payment to go through.

Safety

Kazakhstan’s leading financial tech company promises that this new service is safe, going as far as to say that “palm payment is one of the most secure methods of payment,” referencing the decade-old usage of the technology in Japan, as well as the current developments of it in China and the United States. The company states that due to the unique structure of your palm, it is “virtually impossible” that someone would be able to access this form of payment.

Furthermore, the company reassures that this is a safe practice, as it collects palm’s biometric data, converts it into a digital code, encrypts and then stores it for future use, only accessible within Kaspi. This makes it harder for scammers to steal your information, given that they don’t need your banking password to drain your entire banking balance, but instead, the live palm of your hand, which can only be used to make purchases.

The Future

Kazakhstan’s leading financial services company, Kaspi, has stated that in December, this form of payment is going to become available at ATMs in Almaty, the country’s largest city, before a larger rollout nationwide. On an additional note, Kazakhstan’s government has set a goal of a $450 billion gross domestic product (GDP) by 2029, and digital technologies, such as Kaspi Alaqan, are “central” in reaching this national goal. In order to do this, the government launched the National Artificial Intelligence Platform earlier this year, hosting more than 100 AI agents that expand access to technology. Recently, this technology has become available to start-ups, universities, and research programs.

– Megan Akers

Megan is based in Fredericktown, OH, USA and focuses on Technology and Solutions for The Borgen Project.

Photo: Kalpak Travel