Uzbekistan OKs virtual bank cards, accentuates on anti-fraud systems
Baku, Azerbaijan, July 25
By Fikret Dolukhanov – Trend:
Banks of Uzbekistan may start issuing virtual bank cards soon, Uzbek media reported.
The new decision of the Board of the Central Bank of Uzbekistan introduces changes and additions to the regulation on the procedure for issuing bank cards by commercial banks and their circulation in Uzbekistan.
The ‘virtual card’ term appears in the country's legislation for the first time. A virtual card is a special bank card, designed for online payments.
Several additional conventional and virtual cards can be attached to one account. At the same time, virtual cards will be used on the basis of a contract concluded between a commercial bank and its client in writing or by accepting an offer.
In addition, the ‘VV (CVC) code’ term appears in the country's legislation. It is a special code of a bank card used to verify its authenticity when making online payments over internet. The new decision also introduces the requirement of mandatory use of anti-fraud system in transactions through bank cards, which will identify and prevent fraudulent operations.
Emergence of the ‘co-badged card’ term is among the novelties as well.
According to the additions to the legislation, the ‘co-badged card’ is a card that operates in several payment systems, the logos of which are placed on the front side of the card.
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