Kyrgyz Citizens Are Getting Multiple Visa Cards Amid Banking Service Instability

June 27, 2025, 16:24 The number of international Visa payment system cards is rapidly increasing in Kyrgyzstan. According to the National Bank, in just the first quarter of 2025, the number of Visa cards grew by a record 558,800, reaching 5.93 million. This is a 56.8% increase compared to the same period last year. As a result, Visa’s market share among bank cards rose from 50.6% to 60.4%, making it the undisputed leader among the country’s payment systems. Economist Iskender Sharsheev attributes this growth not only to the development of a cashless economy but also to a decline in trust in the stability of certain banking services. According to him, more and more citizens are obtaining multiple cards — including virtual ones — to ensure access to their finances even in the event of technical failures. "Nowadays, many Kyrgyz citizens are getting two, three, or even up to six Visa cards from different banks. This is a response to frequent disruptions in popular banking apps. People are striving for financial flexibility and are diversifying risks — especially during peak hours, when, for example, a bank’s server might be overloaded," the expert explained. He noted that in case of technical problems, clients quickly switch to alternative services — e-wallets, other banks with Visa cards, etc. Such behavior has become the new norm. According to Sharsheev, an additional driver of the growth in the number of cards was the removal of fees for interbank transfers, as well as the reduced cost of issuing Visa cards. "This is a combined effect — convenience, cost savings, and protection against service failures. All of this motivates the population to transition more actively to card-based financial tools," the economist added. He also pointed to a modest yet noteworthy influx of new users among non-residents: "Some of the growth comes from relocated individuals. There are still relocants from Russia, Chinese entrepreneurs conducting trade through Kyrgyzstan, and tourists. Their share is small, but collectively, they reinforce the overall trend," concluded Iskender Sharsheev. As of the end of March 2025, a total of 9.8 million bank cards had been issued in the country, 5.93 million of which were Visa. Bishkek remains the leader in terms of card numbers, accounting for about 80% of all Visa cards in circulation — over 4.6 million. The Osh and Jalal-Abad regions rank second and third, respectively. https://www.akchabar.kg/news/kyrgyzstanczy-oformlyayut-po-neskolko-kart-visa-na-fone-nestabilnosti-bankovskikh-servisov