Regulatory Alerts2018-09-19 | ПҚ-3945Added · Updated
On Measures for the Development of the National Payment System
The President of Uzbekistan approved measures to establish a National Interbank Processing Center (NIPC) to replace fragmented processing infrastructure and reduce cash circulation. The Central Bank is mandated to create a fully functional data processing center by July 1, 2019, and launch the NIPC by January 1, 2020, ensuring all domestic and international payment systems operate through a single gateway by July 1, 2020. The resolution requires the development of a new law on payments by January 1, 2019, and sets specific deadlines for integrating existing centers, issuing contactless cards, and implementing digital solutions like QR payments and remote identification. Bank tariffs for retail payments are to be set without administrative interference to ensure cost coverage and competition.
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