Visa notes Uzbekistan’s increasing demand for global products  

The head of the Visa group of innovative solutions Yevgeny Lesnyak believes that the demand for global products in Uzbekistan has increased, making the country one of the most promising in the CIS market. 

Speaking about restrictions in individual markets, he noted that some countries “are building separate schemes”. According to Lesnyak, the company has seen something similar in Uzbekistan, but now “opening global trends is underway”.

“Uzbekistan is a country where many people live, but the ecosystem has been made in a closed environment for a long time. The population has formed a clear request for high-quality financial services. Local players that are in Uzbekistan provide these services. There is simply a need for more global access, there is a request for the entry of global players into the market of Uzbekistan. We see clear demand from the population and banks,” Lesnyak told Kun.uz correspondent at the Astana Finance Days conference.

“Wherever you want to go on this planet, you can pay with a Visa card. The new authorities of Uzbekistan understood this and open up the opportunity for their citizens to make purchases comfortably and freely,” he said. 

In May, the Central Bank of Uzbekistan and Visa signed a memorandum of understanding and cooperation for the joint implementation of programs for development of digital payment infrastructure in the country began.

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