Two QAZKOM Innovational Products Have Been Awarded by the Big Four International Experts at a Time
Source: Qazkom press-release
Kazkommertsbank (Qazkom), a member of Halyk Group has become a winner in two nominations of the Asian Banking & Finance international magazine at a time. A special jury composed of representatives of the following international consulting companies: Deloitte, Ernst and Young, KPMG and PwC — awarded two innovational products of Kazkommertsbank: QR-code payments — in the «Best Mobile Banking Initiative — 2018» nomination (Mobile Banking Initiative of the Year) and Western Union online transfers via Homebank in the «Best Innovational Initiative — 2018» nomination (Digital Banking Initiative of the Year).
"While the entire world was watching FIFA, we were determining the champions in banking —over 200 best banks and insurance companies out of almost 40 countries are among them. I would like to thank the jury members for selecting the winners," — Tim Charlton, Editor of Asian Banking and Finance and Insurance Asia magazines, said at the awarding ceremony.
The jury of the contest was impressed with successes of Kazkommertsbank, which is aimed at implementation of the new technologies into the banking sector of Kazakhstan, where people still prefer paying cash. The experts noted that the Bank takes into account the market trends, successful world practice and consumer preferences, which makes him a real leader of innovations.
"We devote, let’s say, the last awards in the Bank’s history to those customers, who make us be up to the time and even one step ahead of the time. 20 years ago Kazkommertsbank launched the first Internet-banking, 15 years ago — it was the first bank in CIS that offered chip cards and cash-in ATMs to its customers, 5 years ago — it proposed mobile proximity payments to Kazakhstani people, and a half a year ago it performed first QR-code payments. Today, when we are at a final stage of integrating with Halyk Bank, we are transferring the spirit of innovation and leadership into the integrated Bank together with our technologies", — Ulf Wokurka, CEO of Kazkommertsbank commented.
Kazkommertsbank has become one of those few banks in the world that mastered QR-code payments based on the mobile solution of Visa International Payment System in 2017. Only a few countries in the world, including India, Singapore are widely using QR-code payments.
Bank started implementing the new service from the most complicated segment, where one could not imagine non-cash payments before – food and clothes selling markets, street sellers. The growth dynamics of QR-code payments equalled 600% since they were launched in December 2017. Today, Bank keeps connecting dozens of merchants a week to the new mobile service.
The second service of the Bank, which was awarded the Digital Banking Initiative of the Year, — Western Union money transfers via Homebank. The customers have quickly assessed the simplicity of using, speed and the lower cost of this service. As a result, WU online transfers have exceeded the number of money transfers performed via operating offices.
Implementation of QR-code payments solution has been a joint project of Kazkommertsbank (Qazkom) and OpenWay, a top-ranked payment processing software vendor.