New international remittance system breaks into market in Kyrgyzstan

BISHKEK, Kyrgyzstan, November 12. A brand new
worldwide cash switch system, Kwikpay, has been launched in
Kyrgyzstan, Development
reviews.

Primarily based on knowledge from the Nationwide Financial institution of Kyrgyzstan, the Kwikpay
system is now included within the register of worldwide cash
switch techniques, making it the sixteenth registered operator within the
nation.

Headquartered in Moscow, Kwikpay makes a speciality of facilitating
cash transfers to financial institution playing cards in Russia, Tajikistan, Kyrgyzstan,
Kazakhstan, and different nations by its cellular software. The
system is flexible, permitting the usage of any Mir financial institution card, as nicely
as Visa and Mastercard, for worldwide transfers.

The Financial institution of Russia formally registered Kwikpay on August 25 of
this 12 months as a brand new cost system for worldwide transfers.

As of June 30, 2023, the present cash switch techniques in
Kyrgyzstan included Western Union, Contact, Cash Gram, Unistream,
Zolotaya Korona, RIA, UPT, and Astrasend.

Concurrently, the whole variety of banking cost playing cards in
circulation in Kyrgyzstan reached 6,102,700 playing cards on June 30.
In comparison with the identical date within the earlier 12 months, the variety of playing cards
elevated by 41.5 %, and in comparison with the start of 2023,
it elevated by 16.6 %.