Binance Kazakhstan and Alatau City Bank have launched a digital asset payment service in Kazakhstan. Users can now pay with cryptocurrency through Binance Pay at regular offline stores.
The project was implemented within the regulatory sandbox of the National Bank of Kazakhstan. According to the companies, this is the country’s first integration between a crypto exchange and a bank acquiring infrastructure.
How the payment system works
Payments are made through QR codes on Alatau City Bank terminals. After confirmation, Binance locks the exchange rate and automatically converts the user’s digital assets into tenge.
Merchants receive payments in tenge, so they do not need to work directly with cryptocurrency or manage exchange rate risks. Users can see the final payment amount before confirming the transaction.
All transactions проходят verification through KYT and AML monitoring mechanisms to comply with financial security and transaction control requirements.
Service now available to users
The system was demonstrated on April 24 during the President of Kazakhstan’s visit to the Alem.AI international artificial intelligence center. During the presentation, a test transaction showed the full payment cycle, from digital asset withdrawal to instant settlement in tenge for the merchant.
The service is already available to Binance Kazakhstan users. The companies say the launch of crypto payments could expand cashless payment options and support the development of Kazakhstan’s digital economy.