TASHKENT, Uzbekistan, February 19. Russian CloudPayments payment service is going to suspend working in Uzbekistan, Trend reports.
According to the service, CloudPayments is forced to cease operating in Uzbekistan due to changing market conditions from March 18.
CloudPayments' online acquiring service was established in 2014. It provides customers with the ability to connect fast online payments from Visa, Mastercard and MIR cards to websites and apps, as well as payment by link or via QR codes.
In 2017, TCS Group Holding (which includes Tinkoff Bank) acquired a controlling 55 percent stake in CloudPayments, paying 290 million rubles ($3.1 million) for it. The service continued to operate under its own brand.
The founders of the service, Dmitry Spiridonov and Konstantin Yan, sold another 35 percent to Tinkoff in 2019. Konstantin Yan later transferred the remaining 5 percent to the company, and Dmitry Spiridonov became deputy chairman of Tinkoff.
In the spring of 2022, CloudPayments applied to register its trademark in Uzbekistan. Among the categories of activity were cash registers, billing, money transfers, and authentication of customers in e-commerce.
Uzbekistan's payment services suspended foreign money transfer services in September 2023. Later, the Central Bank of Uzbekistan reported that the suspension was aimed at protecting the country's financial system. According to the bank, the participation of payment services in cross-border transfer operations does not comply with Uzbek law.