As part of the development of the Comprehensive Plan to increase the share of cashless payments, a meeting was held at the Agency for Strategic Reforms with representatives of several foreign companies.
During the meeting, proposals to remove existing restrictions and stimulate non-cash transactions were discussed. In particular, it was noted that the development of marketplaces contributes to the growth of non-cash trade turnover. At the same time, it was emphasized that goods imported unofficially often have a price advantage over products offered on marketplaces. In this regard, it was proposed either to strengthen control over unofficial imports or to legalize their sale on digital platforms.
It was also noted that when calculating the share of non-cash payments, all transactions made through bank cards, including P2P transfers, should be taken into account. Currently, a significant portion of payments for goods and services is carried out through simple card-to-card transfers. In this regard, a proposal was made to develop a separate mechanism that would allow such transfers to be reflected in the official statistics of non-cash transactions.
Additionally, the impact of the current commission structure of national payment systems on banks’ motivation was discussed. It was noted that the terms of remuneration for banks for transactions using national payment systems are less favorable compared to international systems, which affects the priorities of banks in promoting different payment solutions. In this context, a proposal was made to consider the possibility of aligning conditions and incentives for banks across both national and international systems.
Furthermore, special attention was given to the need for improving legislation, in particular the Law “On Payments and Payment Systems.” It was pointed out that some definitions and terms in the law are outdated, and the lack of clear interpretations and tariff approaches hinders the development of non-cash infrastructure.
Therefore, it was proposed to amend the Law by clearly defining the rules for setting intermediary commissions by domestic and foreign payment operators and organizations, as well as the procedure for cross-border payment services and the exchange of information on financial transactions.
At the end of the meeting, the parties reaffirmed the importance of maintaining open dialogue with key players in the fintech market. The proposals presented will be carefully considered during the preparation of the Comprehensive Plan aimed at developing a modern, accessible, and efficient system of non-cash payments in Uzbekistan.
