New Elpay fast payment system unveiled in Kyrgyzstan

The Interbank Processing Center (IPC) of Kyrgyzstan has introduced the new Elpay fast payment system. It will allow instantaneous transfers between companies, payment for goods and services via a unified QR code, and money transfers by phone number. The presentation took place on November 6 at FinConference 2026 in Bishkek.

As IPC Chairman of the Board Altymysh Turatbekov reported, the system was developed taking into account proposals from the banking and payment sectors, as well as user feedback.

One of the main features of Elpay will be payment via a universal QR code. The user will not have to look for a code from a specific bank or payment system: purchases can be paid for regardless of which bank services them.

The system also provides for transfers by phone number. Before sending money, the user will be able to check the recipient's name and select the desired bank. Transactions will take a few seconds and run around the clock, including weekends and holidays.

According to Turatbekov, currently five commercial banks are in the process of moving to the Elpay working environment. Moving forward, the IPC intends to expand the number of system participants.

A separate area of Elpay's development is cross-border payments. Kyrgyzstan has already integrated its national payment infrastructure with the international Alipay+ platform, enabling Elcard Mobile users to pay for purchases abroad via QR codes.

By the end of 2026, the IPC plans to complete joint work with the National Payment Corporation of Kazakhstan to organize mutual acceptance of QR payments. In parallel, the center is developing payment cooperation with Uzbekistan and Turkey.

The IPC notes that the further development of Elpay will take into account the needs of banks, payment organizations, and users.