BAKU, Azerbaijan, July 8
Trend:
The Central Bank of Uzbekistan has been instructed to integrate HumoCard and UzCard payment systems, Trend reports referring to nuz.uz news website.
This initiative has been included in the roadmap to reduce the share of the shadow economy in the country, approved by the government on June 20, 2020.
UzCard is a brand of a single processing center in the country that acts as a provider and combines banks and payment systems. Interbank payment system (UzCard) was created in 2004. Today, the company renders services to 29 banks of Uzbekistan and a number of such payment systems as PayMe, Click, UZPAYNET and others.
HumoCard is Humo payment system based on bank payment cards for carrying out the operations both in Uzbekistan and abroad. The Humo system is an integral part of the payment system of Uzbekistan.
The clearing of information on operations in Uzbekistan in foreign currency, as well as the processing functions on all operations within the HumoCard payment system, are performed by National Interbank Processing Center LLC, which is the operator of the payment system.
The function of a bank carrying out settlements in national currency in the HumoCard payment system is implemented by the Central Bank’s settlement and clearing center.
The HumoCard payment system was created in line with the president’s decree dated September 19, 2019 "On measures of developing the national payment system".
In accordance with document, the absence of a state center processing retail payments reduces the level of security of the national payment system, does not allow ensuring a single integration of the payment infrastructure and leads to the dominance of one monopoly system.
Within other measures to be taken to reduce the shadow economy and expand non-cash turnover in the country, the number of payments by using the QR code will increase. The payments by B2B business entities will be carried out in a continuous payment system.
Moreover, it is planned to increase the coverage of the population with the banking services. For this purpose, the procedure for issuing consumer loans are to be simplified and the development of non-bank credit organizations is envisaged.