Kaspi take rate

Kaspi.kz monetizes its Super App ecosystem across three distinct segments, each with its own take rate or yield structure. Overall, Kaspi’s take rates have been steadily increasing, driven heavily by value-added services in its e-commerce division.

Here is the breakdown of Kaspi's take rates based on their most recent financial reports (late 2025 to Q1 2026):

1. Marketplace Take Rate: ~10.3% to 12.1%

The Marketplace is Kaspi's primary growth engine. While the overall segment take rate historically hovered around 9.5% to 10.5%, it reached 12.1% in Q1 2026.

If you look specifically at their third-party (3P) e-commerce segment, the take rate is even higher, reaching 15.8% in early 2026.

• What drives this up? Value-Added Services (VAS). Services like Kaspi Advertising, Kaspi Delivery, and higher-margin verticals like Kaspi Travel (booking domestic flights and rail) allow Kaspi to layer additional fees on top of standard third-party seller commissions.

2. Payments Take Rate: ~0.95% to 1.1%

Kaspi's Payments segment relies on merchant fees, keeping consumer-to-consumer (C2C) transfers free to drive massive user engagement.

• Merchant Acquiring: The standard take rate for Kaspi Pay is 0.95% (95 basis points).
• Overall Segment: The blended take rate for the Payments segment typically fluctuates between 1.0% and 1.1% depending on the product mix. In Q1 2026, it was recorded at 1.03%.

3. Fintech Yield: ~24% Annually

While not a traditional "take rate," Kaspi’s Fintech segment drives revenue through interest income on consumer loans and Buy Now, Pay Later (BNPL) products.

• Because Kaspi uses a high-velocity lending model that recycles short-term credit very quickly, they maintain an average annual loan portfolio yield of approximately 24%.

Key insight: Kaspi's business model uses free C2C transfers to drive daily app engagement, relies on low-friction 1% merchant payment fees to lock in retail businesses, and extracts its highest margins (~12-15%) from e-commerce merchants who rely on Kaspi for advertising, delivery, and marketplace visibility.