The Global market research company Euromonitor International reported that consumer card payments and mobile-commerce will see 6.6% and 23% average annual growth rates, in 2016-2021 respectively, while global cash payments will be 1.3%
In 2015, remittance inflow to developing countries increased by 0.4% to $431.6 billion from $430 billion comparing with 2014. However, global remittances, including the ones from high-income countries fell by 1.7% to $581.6 billion in 2015 (WB, 2016).
The financial sector, particularly, the banking sector is a very important factor for economic development, and there is wide range of theoretical and empirical literature emphasizing its importance (Patrick, 1966; Demetriades and Husseina, 1996; Arestis and Demetriades, 1997;
Kazakhstan is one of the most successful transition countries that achieved to move to free market economy from centralized economy. Kazakhstan entered into the period of economic revival after the widespread reforms in mid-1990s.