The ‘Buy now, pay later’ plenary session at the Kazakhstan International Tourism and Travel Exhibition (KITF) on April 25, 2024, brought together Kazakhstani banking delegates to share insights into the banking sector’s involvement in tourism. Notably, representatives from ‘Kaspi Travel’ and ‘Halyk Travel’ were not present at the event. Sergey Ulyanich, Director of the Home Credit Bank Banking Network Development Department, highlighted that tourism is not the most profitable segment for his bank. He stated that the majority of loans are allocated towards the purchase of smartphones (75 percent) and furniture (65 percent), while tourism accounts for only 15 percent. Ulyanich shared that Kazakhstani citizens typically borrow an average of 750 thousand tenge (approximately $1686) from Home Credit Bank for tourism purposes. He indicated that borrowers do not solely utilize these funds to purchase tours, but also to elevate the quality of services or enhance their travel destinations. In light of this, Home Credit Bank has implemented convenient credit terms and installment payments without interest for clients through its mobile app. Kaspi Bank’s introduction of interest-free installment payments and a user-friendly mobile payment app have played pivotal roles in its popularity in Kazakhstan. These features have established Kaspi Bank as the most sought-after bank in the country. In 2023, Kaspi Bank collaborated with leading tour operators to launch Kaspi Travel, a platform for exploring and purchasing tours (also through interest-free installment payments), which has rapidly become profitable. This success has presented a significant challenge to local tour agencies and other tourism businesses. Rashida Rashidovna Shaikenova, Chairman of the Kazakhstan Tourism Association, acknowledged that, “Tour agencies have not kept pace with the implementation of new technologies. Kaspi and Halyk Travel represent a new reality that we must confront.” Anton Dubivsky, Director of Sales at tour operator company Selfie Travel, indicated that despite their partnership with Kaspi Travel, their company has not experienced a significant surge in tour sales. Dubivsky reported that it accounted for roughly 3.5 percent of their overall sales.
Kazakhstani Banking Delegates Discuss ‘Buy Now, Pay Later’ in Tourism Sector
