The payment service owned by "Tinkoff" cites "changing market conditions" for its withdrawal.
CloudPayments, a payment service, is set to cease its operations in Uzbekistan, as stated on the company's local website.
"Due to changing market conditions, we are forced to discontinue CloudPayments' activities in Uzbekistan as of March 18," reads the announcement on the homepage.
The CloudPayments internet acquiring service, established in 2014, offers clients the capability to integrate quick online payments with Visa, Mastercard, and MIR cards into websites and applications, as well as payments via link or QR codes.
In 2017, TCS Group Holding (which includes "Tinkoff Bank") acquired a controlling stake of 55% in CloudPayments for 290 million rubles. The service continued to operate under its own brand.
The service's founders, Dmitry Spiridonov and Konstantin Yan, sold an additional 35% to "Tinkoff" in 2019. Subsequently, Yan transferred the remaining 5% he held to the company, and Spiridonov became the Deputy Chairman of the Board of "Tinkoff".
In the spring of 2022, CloudPayments filed an application to register its trademark in Uzbekistan. Among the listed business activities were cash registers, billing services, money transfers, and customer authentication in e-commerce.
