Turkmen Banks Introduce Contactless Payment Technologies

BUSINESS TURKMENISTAN
Turkmen Banks Introduce Contactless Payment Technologies
Contactless payments are based on RFID and NFC technologies.

The banking system of Turkmenistan started the process of purchase and installation of software to introduce contactless payment technologies and a QR code technology.

The introduction of innovative technologies to the banking system is carried out within the framework of the Program of Development of Economic, Financial and Banking System of Turkmenistan for 2019-2025 and the Concept of Development of Digital economy in Turkmenistan for 2019-2025.

Contactless payments are based on RFID (Radio-frequency identification) and NFC (Near-field communication) technologies.

The banks are also working on introducing QR code technology. In this case, payments are accepted by scanning a special QR code, a Quick Response code.

Currently, the banks of Turkmenistan are actively introducing contactless bank cards into circulation, such as cards of joint-stock commercial banks Senagat and Rysgal, and international bank cards Visa and MasterCard of the State Bank for Foreign Economic Affairs of Turkmenistan.