Strong Financial Performance: Kaspi.kz reported a solid second quarter with Total Payment Volume (TPV) up 21%, revenue up 16%, and net income up 19% year-over-year (YOY). The marketplace demonstrated a GMV growth of 15%, revenue growth of 25%, and a net income increase of 13%. Fintech origination grew 17% YOY in both Q2 and first half of the year, and revenue was up 21% in Q2.

Growth Challenges in Smartphone Sales: The company experienced a temporary setback in smartphone sales, which dropped by 17% YOY, attributed to new legislation requiring consumers to register their phones. However, they expect the demand to recover and are implementing services to facilitate transactions and ensure compliance.

E-Grocery and Digital Payment Expansion: E-grocery remains a standout performer, with GMV growth of 57% YOY and a rapidly expanding customer base, now over 1.1 million users. Additionally, the deployment of the Kaspi QR payments system resulted in a 128% increase in processed transaction volumes, highlighting opportunities in payment infrastructure.