The transfer of social assistance to the "social wallet" will be reduced to 1 day

At the meeting of the Commission under the President of the Republic of Kazakhstan on the implementation of digitalization, Minister of Trade and Integration Bakhyt Sultanov spoke about the work carried out on the implementation of the "social wallet".

As the minister said, today there are certain shortcomings of the system for the payment of social benefits. Among them are the lack of a proactive crediting mechanism, restrictions on opening bank accounts in the presence of arrears or arrests, lack of information on the use of social assistance funds, errors in providing citizens with their bank details, high budget expenditures to cover bank commissions.

In order to eliminate these shortcomings, the Head of State instructed the Government of the Republic of Kazakhstan, together with the National Bank of the Republic of Kazakhstan, to introduce a digital "social wallet" in a Message dated September 1, 2020.

The main goal of the project is to provide targeted social assistance to the population by improving social support tools, optimizing expenditures from budget funds for bank commissions.

The creation of a "social wallet" will optimize budget expenditures to cover bank commissions, starting from 2023, annually by an average of 15-20%.

One of the main advantages of creating a system is to reduce the time for crediting social assistance to 1 working day and instantly open electronic wallets for citizens when assigning social assistance.

The "Social wallet" is planned to be opened to all citizens on the basis of their IIN. At the same time, "business wallets" based on their IIN/BIN will be opened for business entities and retail facilities, after which the wallet must be linked to a second-tier bank of your choice.

Also, the digital wallet will function as part of the infrastructure of the National Bank's Instant Payment System.

A plus for the population is that when buying a product / service, payment can be made through a smartphone application or via SMS confirmation.