Published
06/27/2025, 16:24The number of Visa international payment cards is growing rapidly in Kyrgyzstan. According to the National Bank, in the first quarter of 2025 alone, their number increased by a record 558,800 to reach 5.93 million. This is 56.8% more than in the same period last year.
As a result, Visa's share of the bank card market grew from 50.6% to 60.4%, making it the undisputed leader among payment systems in the country.
Economist Iskender Sharsheev attributes this growth not only to the development of the cashless economy, but also to a decline in confidence in the stability of certain banking services.
According to him, more and more citizens are applying for several cards at once, including virtual ones, to ensure access to their finances even in the event of technical failures.
"Nowadays, many Kyrgyz citizens apply for two, three, and sometimes up to six Visa cards from different banks. This is a reaction to frequent disruptions in the operation of popular banking apps. People are seeking financial flexibility and diversifying their risks, especially during peak hours when, for example, one of the banks' servers may be overloaded," the expert explains.
He notes that in the event of technical problems, customers quickly switch to alternative services — e-wallets, other banks with Visa cards, etc. This behavior has become the new norm.
According to Sharsheev, the abolition of interbank transfer fees and the reduction in the cost of issuing Visa cards have provided an additional incentive for the growth in the number of cards.
“This is a complex effect — convenience, savings, and protection against failures. All this motivates the population to switch to card instruments more actively,” the economist continued.
The expert also points to an additional, albeit limited, influx of new users among non-residents:
"Relocants are contributing somewhat to the growth. That is, there is still an influx from Russia, Chinese entrepreneurs are trading through Kyrgyzstan, and there are tourists. Their share is small, but together they also reinforce the overall trend," concluded Iskender Sharsheev.
At the end of March 2025, 9.8 million bank cards had been issued in the country, of which 5.93 million were Visa cards. Bishkek continues to lead in terms of the number of cards, with about 80% of all Visa cards in circulation—over 4.6 million. The Osh and Jalal-Abad regions are in second and third place.
