Uzbek banks eye for more income from ATMs by increasing withdrawal limits

Business Materials 18 September 2018 11:57

Baku, Azerbaijan, Sept. 18

By Fikret Dolukhanov – Trend:

A number of banks in Uzbekistan increased the daily limit for withdrawing cash from ATMs to 10 million soums, the Center for Bar-coding and Information Technologies of Uzbekistan shared on its Facebook page.

Change in the limit was made by Hamkorbank, Infinbank and Kapitalbank.

More cash withdrawn means a higher income for the bank thanks to the commission.

If the commission is 1 percent, 0.1 percent falls on the share of the UzCard National Processing Center, 0.3-0.5 percent for cash collection costs, 0.1-0.2 percent for costs of recalculation and other expenses, the rest – the bank's income.

A day before Uzbekistan suffered a failure in the national payment system (UzCard). Users of the system could not pay for purchases and services with plastic cards for almost the entire day.

Local media reported that buyers in stores were forced to leave purchases. Payme and CLICK mobile payment services did not work as well.

(8039.00 soums = 1 USD on Sept. 18)


Follow the author on Twitter: @FDolukhanov