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 Izzat Shukurov, the CEO of Yandex in Uzbekistan.
During the meeting, proposals were discussed on how to remove barriers and incentivize cashless transactions. It was particularly noted that the growth of cashless payments is directly linked to the legalization of the shadow economy. The expansion of marketplaces contributes to an increase in non-cash turnover. However, it was also emphasized that goods imported through informal channels often have a price advantage over those presented on marketplaces. In this regard, it was proposed either to strengthen control over informal imports or to legalize their sale on digital platforms.
It was also pointed out that, when calculating the share of cashless payments, all transactions processed through bank cards should be taken into account, as a significant portion of these transactions involve payments for goods and services.
Among the additional barriers identified was the current regulation of fees by national payment operators. According to the Yandex representative, lower commission rates offered to banks for cards under the national payment systems, compared to those of international operators, incentivize banks to prioritize the issuance of international payment cards.
Furthermore, special attention was paid to the need to improve existing legislation, in particular the Law “On Payments and Payment Systems“. It was noted that a number of definitions and terms in the law are outdated, and the absence of clear interpretations and tariff policies hinders the development of cashless infrastructure.
In this regard, it was proposed to amend the Law to clearly define the rules for setting intermediary fees by both domestic and international payment operators and institutions, as well as the procedures for providing cross-border payment services and exchanging information related to financial service operations.
At the conclusion of the meeting, both sides reaffirmed the importance of open dialogue between government bodies and key fintech market participants. The proposals presented will be carefully reviewed as part of the Comprehensive Plan aimed at developing a modern, accessible, and efficient cashless payment system in Uzbekistan.
