The Turkmen manat is 24 years old: the national currency enters the digital age
November 02, 2017 | 11:09 |2364
On November 1st, 1993, the national currency, manat, was introduced in Turkmenistan. In those days, few could imagine that in the future the main money supply in the world will turn from material to virtual. Today, thanks to technological progress and modernization of the banking system of Turkmenistan, citizens of the country are increasingly paying for purchases with the help of "digital" manat.
Plastic cards and digital manat
One of the first to work on the introduction of plastic cards was External Economic Affairs (Vnesheconombank) Bank of Turkmenistan. Since 1994, it was a member of Visa International and issued credit cards of foreign issuing banks. In December 1996, the bank issued "Millikart" - the first bank card that operated on the basis of the national payment system. The emergence of this system can be considered the birthday of the virtual manat, which has since become widespread in a cash-free payment system.
Today, the country has a ramified banking network, and each of the banks has a wide range of plastic cards with various functions. According to the Central Bank of Turkmenistan, as of October 1st, 2017, more than 2.2 million bank cards are functioning in the country, and most of them are issued by "Daikhanbank".
"Altyn Asyr" payment system and the first Internet banking
In 2001 in Turkmenistan, "Altyn Asyr" payment system appeared on the basis of "Millikart" and "Turkmenkart". To date, it is accountable for the main turnover of the "virtual" manat. The purpose of creating this system is to increase the security and convenience of payments, around the clock availability of funds to the account of users of plastic cards. Since February 2009, Turkmenistan has been able to carry out non-cash payments for utilities and mobile communications, make money transfers, perform credit and deposit operations. In April of this year, the first Internet banking service appeared in Turkmenistan, thanks to which online payments for IP-TV and the Internet became possible, it became possible to replenish the balance of city and mobile phones, repay the loans, transfers the money from one card to another.How cash-free settlement made life easier
Today it is no longer necessary to withdraw cash from a bank account. Almost any operation can be performed either via the Internet or by using payment terminals that can be seen at every step. In shops, cafes and other places throughout Turkmenistan, more than 22.7 thousand POS-terminals (devices for payments through plastic cards) are installed. Since September this year in public transport, devices for contactless payment using smart cards have appeared, so many have already forgotten how coins are heavily tied in a purse.
The time when manat will become completely digital is approaching. Therefore, looking at today's beautiful banknotes with memorable symbols of the 5th Asian Games, there is a desire to put them in a frame to show to future generations and say: "that's how I found it - the Turkmen manat."
