MasterCard to help set up cashless economy in Uzbekistan

Finance Materials 12 April 2019 17:20 (UTC +04:00)

Baku, Azerbaijan, April 12

By Fakhri Vakilov – Trend:

Partnership with National payment system of Uzbekistan is strategic in decreasing cash payments and bringing economy of the country to the more progressive level, MasterCard told Trend in an interview.

Recently, Trend reported that Central Bank of Uzbekistan and MasterCard Europe have signed a protocol that provides for cooperation in the development of Uzbek national Humo payment system.

MasterCard stated that another aspect of the partnership is an opportunity to use new payment tools and solutions that will allow to raise financial inclusion in the country and make cashless payments an integral part of the everyday life.

“Signing of the protocol indeed brought value to both partners. As a result of this partnership HUMO will receive an access to the Mastercard driven payments innovations that can make transactions fast, secure and easy. By bringing international experience and creating innovative payment products and solutions, we contribute into Uzbekistan payment industry development and building cashless economy” MasterCard said.

MasterCard believes that cooperation between local and international participants in the country’s financial ecosystem will help lay a foundation of future digital economy.

The company noted that Humo is very interested in international best practices and innovative digital payment solutions, and cooperation will bring positive results.

MasterCard stressed that new competition helps build cashless economy and hope that every player in the payments industry ecosystem will bring value to the local economy. As the industry evolves, there are always new challenges that everyone need to keep on the radar screen and address them to better service banking partners, merchants, cardholders and the governments.

MasterCard noted that they have got plenty of ideas and plans but again to develop new products in Uzbekistan, the company should, first of all, touch the base with the partner and deeper understand their priorities and aspirations.

Talking about future projects MasterCard said that potentially, they can bring to Uzbekistan their leading payment solutions as P2P – fast money transferring; MDES – technological platform for launching e-wallets and mobile payments; Tap-on-phone - acceptance extending solutions and many others.

Mastercard is a technology company in the global payments industry.

MasterCard underlined that their global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.

Mastercard products and solutions make everyday commerce activities such as shopping, traveling, running a business and managing finances.


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