Visa card system to help develop the infrastructure of digital payments in Uzbekistan

The Central Bank of Uzbekistan and the global payment technology company Visa have signed a memorandum of understanding and cooperation for the joint implementation of programs for developing the infrastructure of digital payments in the republic, the press service of the Central Bank reports.

According to the memorandum, the parties intend to jointly promote the creation of a digital payment infrastructure in Uzbekistan, expand the network of accepting electronic payments by introducing new digital payment products, and cooperate in developing regulations aimed at developing digital payments.

Also, the sides agreed to implement programs to expand card acceptance throughout the country and develop e-commerce by providing banks and merchants with reliable risk management tools.

As part of the partnership, the parties intend to work together with local banks to introduce tokenization of card credentials to ensure the security of mobile and electronic payments, as well as exchange data on risks and fraudulent transactions.