What is ELQR?
ELQR: A User-Friendly and Secure National Payment System in Kyrgyzstan
ELQR introduces a convenient and secure way to manage payments using your smartphone in Kyrgyzstan. With ELQR, you can effortlessly send money from your online bank account to any other bank or payment system within the country. Just open your bank or wallet app on your phone, scan the code, and confirm the payment. This eliminates the need for cash transactions and simplifies both in-store and online purchases.
Why Choose ELQR Over Traditional Interbank Transfers?
ELQR offers several advantages compared to standard interbank transfers. Firstly, ELQR ensures ease of use. Payments can be made through your mobile device, bypassing the need to visit a physical bank branch or fill out paper forms. This saves you time and effort. Additionally, while some banks may charge a fee for ELQR transfers, these fees are usually lower than those associated with regular interbank transfers. By utilizing ELQR, you save money on transaction costs.
How Does ELQR Work?
ELQR operates on QR code technology. To initiate a payment, open your bank's app, select the ELQR option, and scan the QR code from the recipient's mobile banking app or payment system. After scanning, confirm the payment, and the funds will be transferred to the recipient. Receiving a payment involves opening your bank app, displaying your personal QR code, and allowing the sender to scan it. This ensures swift and secure transactions, providing convenience for all participants.
Supported Currencies by ELQR
Currently, ELQR exclusively supports Kyrgyzstan's national currency, the som. This system is tailored for domestic use, streamlining transfers in som between different banks and payment platforms within Kyrgyzstan. For transfers in other currencies, you may need to explore alternative financial tools or services that offer currency conversion.
ELQR imposes transaction limits based on the policies of each individual bank or payment system. These limits typically relate to maximum and minimum transfer amounts. To access detailed information about specific limitations, it's advisable to contact your bank or ELQR service provider. They can provide precise details about the limits applicable to your financial transactions through ELQR.
Initiating a Payment Through ELQR
Open your bank app.
Navigate to the QR or ELQR section.
Click on "Initiate ELQR Transfer."
Scan the recipient's QR code.
Confirm the payment.
Receiving a Payment Through ELQR
Open your bank app.
Go to the QR or ELQR section.
Select "My QR Code."
Allow the sender to scan your QR code.
Banks and Payment Services Currently Supporting ELQR
Presently, ELQR is supported by:
- Bakai Bank
- Halyk Bank
- Ayl Bank
- Finca Bank