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Altyn Asyr (payment system)
Altyn Asyr (lit. 'Golden age') is a Turkmenistani domestic card scheme founded in 2001 by the Central Bank of Turkmenistan. The Altyn Asyr system is an integral part of Turkmenistan's payment infrastructure. Altyn Asyr offers financial services, including credit card, debit card, and prepaid card issuing and network processing.
The card allows for cashless payments for communication services, utility and electricity bills, as well as credit and deposit transactions and electronic money transfers between holders of plastic cards from other payment systems. The processing center for the Altyn Asyr payment system, which integrates all financial institutions in Turkmenistan, is located within JSCB Halkbank.
The implementation of the Altyn Asyr payment system was initiated in 2001 by the Central Bank of Turkmenistan. The objective was to integrate the existing local card systems, Turkmenkart and Millikart, operated by Turkmen banks, and to assist other banks in joining a unified payment system. By the end of 2001, all three systems became fully compatible. Enterprises and organizations of all forms of ownership engaged in the sale of goods and services for cash were permitted to enter into agreements with Turkmen acquiring banks to accept and service payment cards for cashless transactions.
Initially, the primary holders of cards from the national payment system Altyn Asyr were employees of state-funded institutions. Over time, students, pensioners, and recipients of various government benefits also joined the system.
In 2009, the transition from a magnetic stripe card to a smart card took place.
On June 2015, Turkmenistan launched a unified cashless payment system, integrating existing payment platforms to enhance convenience and speed for financial transactions. The system allows holders of all types of plastic cards to use any ATM or payment terminal nationwide, regardless of their bank affiliation. Previously, the country operated separate systems: the local Altyn Asyr system and The State Bank for Foreign Economic Affairs of Turkmenistan system, which supported Millikart and international VISA cards. Transactions were limited to authorized banks, causing inconvenience for users. The unified system also introduced a 24/7 call center to provide technical and informational support to customers.
In 2017, all banks in Turkmenistan launched an Internet banking service for the national payment system Altyn Asyr.
In 2022, Turkmenistan introduced fare payment with Altyn Asyr bank cards on urban public transport. To pay for their ride, passengers simply need to tap their bank cards on validators installed on the handrails near the entrance doors. To pay for their ride, passengers can use bank cards with an embedded microprocessor (chip) and a contactless interface by simply tapping them on validators installed on the handrails near the entrance doors.
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Altyn Asyr (payment system)
Altyn Asyr (lit. 'Golden age') is a Turkmenistani domestic card scheme founded in 2001 by the Central Bank of Turkmenistan. The Altyn Asyr system is an integral part of Turkmenistan's payment infrastructure. Altyn Asyr offers financial services, including credit card, debit card, and prepaid card issuing and network processing.
The card allows for cashless payments for communication services, utility and electricity bills, as well as credit and deposit transactions and electronic money transfers between holders of plastic cards from other payment systems. The processing center for the Altyn Asyr payment system, which integrates all financial institutions in Turkmenistan, is located within JSCB Halkbank.
The implementation of the Altyn Asyr payment system was initiated in 2001 by the Central Bank of Turkmenistan. The objective was to integrate the existing local card systems, Turkmenkart and Millikart, operated by Turkmen banks, and to assist other banks in joining a unified payment system. By the end of 2001, all three systems became fully compatible. Enterprises and organizations of all forms of ownership engaged in the sale of goods and services for cash were permitted to enter into agreements with Turkmen acquiring banks to accept and service payment cards for cashless transactions.
Initially, the primary holders of cards from the national payment system Altyn Asyr were employees of state-funded institutions. Over time, students, pensioners, and recipients of various government benefits also joined the system.
In 2009, the transition from a magnetic stripe card to a smart card took place.
On June 2015, Turkmenistan launched a unified cashless payment system, integrating existing payment platforms to enhance convenience and speed for financial transactions. The system allows holders of all types of plastic cards to use any ATM or payment terminal nationwide, regardless of their bank affiliation. Previously, the country operated separate systems: the local Altyn Asyr system and The State Bank for Foreign Economic Affairs of Turkmenistan system, which supported Millikart and international VISA cards. Transactions were limited to authorized banks, causing inconvenience for users. The unified system also introduced a 24/7 call center to provide technical and informational support to customers.
In 2017, all banks in Turkmenistan launched an Internet banking service for the national payment system Altyn Asyr.
In 2022, Turkmenistan introduced fare payment with Altyn Asyr bank cards on urban public transport. To pay for their ride, passengers simply need to tap their bank cards on validators installed on the handrails near the entrance doors. To pay for their ride, passengers can use bank cards with an embedded microprocessor (chip) and a contactless interface by simply tapping them on validators installed on the handrails near the entrance doors.