Transformation of Fintech: Impact of POS and ATM on Non-Cash Payments


  • Anna Kredina University of International Business



FinTech, Innovation, Automated teller machines (ATM), point-of-sale (POS), terminals, non-cash payments


The banking system of Kazakhstan has undergone many changes in recent years: traditional bank branches are no longer in such demand as 20 years ago. Now banks are intentionally closing branches and transferring their clients to the online format. These steps were especially justified in the context of the COVID-19 pandemic. At the same time, technology has grown: since the beginning of the emergence of point-of-sale (POS) terminals, Automated teller machines (ATM) have developed. To ensure the security of transactions, transfers are tied to an individual, and the transfers themselves have multi-factor identification. The necessity to have payment cards linked to the account is still relevant, even if the user uses applications on his mobile phone to make non-cash transfers. The purpose of this study is to identify the existence of a relationship between non-cash payments and proxy servers for non-cash banking in Kazakhstan. In this scientific study, two hypotheses (zero and alternative) were put forward and tested, of which one was later confirmed. Statistical monthly data cover the period 2004-2020, were obtained from the electronic repository of the Statistical Bulletin of the National Bank of Kazakhstan. To test the relationship of selected determinants have been used program SPSS and Microsoft Excel. Kolmogorov-Smirnov test was used for checking the normality of data distribution (revealed the normal distribution of the collected quantitative data). This made it possible to find the Pearson correlation coefficient. Further, in the course of the study, a correlation matrix was compiled. It was found the presence of a significant relationship between the amount of non-cash transfers, POS & ATM. This confirms the correct orientation of public policies towards the development of technical systems and the digitization of the economy. The results of this study are important for the banking system and policy dissemination of non-cash payments.