The Central Bank of Uzbekistan and Visa signed a Memorandum of Understanding (MoU) for implementation of Uzbekistan’s digital payment infrastructure development programs, the Central Bank reported.
In line with the MoU, the parties intend to promote the creation of a digital payment infrastructure in Uzbekistan, expand the payments network by introducing new digital payment products, and cooperate in drafting regulation for developing digital payments.
In addition, the parties agreed to implement programs to expand card acceptance across the country and to develop e-commerce.
As part of the partnership, the parties will work with local banks to introduce tokenization of card credentials to ensure the security of mobile and e-payments, as well as exchange data on risks and fraudulent transactions.
