The Central Bank of Uzbekistan will introduce a unified QR code and access to instant transfers for citizens

The Central Bank of Uzbekistan has announced two major projects aimed at developing the country's digital payment infrastructure.

The first is the implementation of a universal QR code, which will replace the many different codes currently used by various banks and payment systems. This solution will simplify the payment process for buyers: instead of choosing a suitable application, the client will be able to scan one QR code and pay for a purchase through any convenient service. The development and implementation of the new standard will take about a year. According to the regulator, the volume of payments via QR codes in 2024 grew by 31% and reached 441.8 billion sums, while the number of entrepreneurs using this technology exceeded 108,000.

The second project is connecting individuals to the Instant Payment System (SBP). Currently, SBP is available only for businesses, but it is planned to open it to citizens in the near future. This will speed up transfers between people and reduce dependence on third-party payment services. In 2024, 47.6 million transactions totaling 917.9 trillion sums were processed through SBP, which is 50% more than the previous year. At the same time, the Central Bank remains committed to market principles — there are no plans to forcibly regulate commissions in order not to hinder competition and the further development of the payment ecosystem.

Source: fintech-retail