Abstract
In the current global economy, digital transformation encompasses all segments of the financial market, with the digitalization of the banking sector being a key element of this process. Studying the current state and development prospects of Kazakhstan’s payment system infrastructure is essential for the country’s economic growth. Objective – to identify the key factors influencing the development of the payment system and to assess the impact of digital innovations on the stability, security, and efficiency of payment mechanisms. Methods – includes an analysis of the legal and regulatory framework of the Republic of Kazakhstan, a comparative study of central bank digital currency (CBDC) implementation among EAEU countries, a dynamic analysis of SMEs over the past 10 years, and statistical data provided by the National Bank of Kazakhstan, the International Monetary Fund, the World Bank, and other analytical institutions. Results – this article will review the latest changes and innovations in cashless payments, as well as identify the upcoming trends in the development of the payment sphere in Kazakhstan. Conclusions – the authors determine the key factors influencing the pace of digitalization of payment systems and formulate priority directions for further development of payment infrastructure.