Processing centers will be responsible for collecting, processing, and storing financial information on payments in the national currency using bank payment cards issued in Kyrgyzstan. The corresponding amendments to the "Payment System" law were adopted by the Committee of the Jogorku Kenesh on Budget, Economic, and Fiscal Policy in the second reading.
According to the amendments approved in April 2021, starting from May 4, 2024, clearing for domestic payments will be conducted by the operator of the national payment system. Market participants of payment cards have expressed opposition to these rules.
They believe that when processing and authorization for payments in the national currency using international payment system (IPS) cards are done only within the territory of Kyrgyzstan, without the possibility of additional processing by IPS, the most in-demand innovative technologies and services will not be able to operate in the country, thus not being available to banks and end consumers.
It is worth noting that the new amendments, which stipulate that the collection, processing, and storage of information on payments in the national currency using Kyrgyzstan's cards will be carried out by processing centers, will come into force on January 1, 2025.
