Unlocking Central Asia's Digital Economy: How Alipay+ and Kaspi.kz Are Pioneering Cross-Border Payment Growth

The global economy is increasingly defined by digital transformation, and Central Asia is no exception. In 2025, a groundbreaking partnership between Alipay+ and Kaspi.kz has emerged as a catalyst for fintech innovation and tourism-driven growth in Kazakhstan, the region's economic powerhouse. This collaboration not only bridges the gap between global and local payment ecosystems but also unlocks high-growth opportunities for investors seeking exposure to emerging markets.

Strategic Synergy: Bridging Global and Local Payment Systems

Alipay+, a cross-border payment gateway connecting 1.7 billion user accounts across 36 international partners, has partnered with Kaspi.kz, Kazakhstan's leading super app, to create a seamless QR-based payment system. This integration allows international travelers from China, Germany, South Korea, and other markets to use their preferred e-wallets to pay at over 100,000 merchants in Kazakhstan. For local businesses, it opens access to a global customer base, while for tourists, it eliminates the friction of currency exchange and card-based transactions.

The partnership's bidirectional nature—enabling both inbound and outbound cross-border payments—has already shown measurable results. In the first half of 2025, Kazakhstan welcomed a record 7.5 million international visitors, with tourism revenue surging as a result of the streamlined payment experience. For Kazakhstani travelers, the ability to use Kaspi.kz abroad in destinations like China, Japan, and Southeast Asia has similarly boosted outbound tourism, creating a virtuous cycle of economic activity.

Economic Impact: Fintech and Tourism as Twin Engines of Growth

The integration of Alipay+ with Kaspi QR has catalyzed a digital payments revolution in Kazakhstan. In Q2 2025, Kaspi.kz reported a 21% year-over-year increase in transaction value (TPV) and a 14% rise in transaction volume, driven by the expansion of its QR-based payment network. Notably, Kaspi QR transaction volume alone grew by 128% in the second quarter, reflecting robust merchant adoption. This growth is not just a short-term spike but a structural shift toward a cashless, mobile-first economy.

For investors, the implications are clear: the partnership is accelerating the digitization of Central Asia's financial infrastructure. Kaspi.kz's dual Super App ecosystem—combining payments, e-commerce, and fintech services—has become a model for regional innovation. Meanwhile, Alipay+'s global network positions it to capture a growing share of cross-border commerce, particularly as tourism rebounds post-pandemic.

Investment Opportunities: A Scalable Model for Emerging Markets

The Alipay+-Kaspi.kz collaboration offers a blueprint for scaling digital payments in emerging markets. For one, it demonstrates how local fintech leaders can leverage global partnerships to overcome infrastructure gaps. Kaspi.kz's integration with Alipay+ has expanded its addressable market, enabling small and medium-sized businesses to participate in global trade without the complexities of traditional cross-border systems.

Moreover, the partnership aligns with broader macroeconomic trends. As global tourism spending is projected to grow by over 330% in key Asian destinations by 2027, Kazakhstan's position as a tourism-friendly, digitally connected hub could attract further investment. The country's strategic location between Europe and Asia, combined with its modernizing economy, makes it an attractive destination for capital seeking high-growth exposure.

Investors should also consider the long-term value of Kaspi.kz's ecosystem. The company's 75 monthly transactions per active consumer and its expansion into e-grocery and travel services highlight its potential to dominate the regional fintech landscape. Meanwhile, Alipay+'s ability to connect 1.7 billion users to 100 million merchants globally underscores its role as a critical infrastructure player in cross-border commerce.

Risks and Considerations

While the partnership is a win for innovation, investors must remain mindful of geopolitical and regulatory risks. Central Asia's regulatory environment is still evolving, and shifts in policy could impact cross-border payment flows. Additionally, competition from regional players and global tech giants could challenge the partnership's dominance. However, the current trajectory suggests that the Alipay+-Kaspi.kz model is well-positioned to adapt, given its focus on interoperability and user-centric design.

Conclusion: A New Era for Central Asia's Economy

The Alipay+-Kaspi.kz partnership is more than a technological achievement—it is a strategic milestone for Central Asia's economic future. By fostering a seamless, inclusive digital payments ecosystem, it is transforming Kazakhstan into a regional leader in fintech and tourism. For investors, this represents a compelling opportunity to capitalize on the convergence of digital innovation and emerging market growth. As the world becomes increasingly interconnected, the ability to facilitate cross-border transactions will remain a key driver of value, and Central Asia is now at the forefront of this transformation.