The Central Bank of Uzbekistan clarified the procedure for implementing the function of specifying the purposes of P2P transfers in fintech applications. Banks and payment services were given the opportunity to add new transfer purposes or modify existing ones at their own discretion, taking into account internal rules and the technical capabilities of the applications.
Earlier, the regulator recommended using a table of 16 items to compile the list of purposes and set March 1, 2026, as the deadline for submitting a report on compliance with the directive. The main goal of the innovation is to stimulate cashless payments and reduce the share of the shadow economy, according to the presidential decree of December 10, 2025.
The Central Bank emphasized that the final mechanism for specifying purposes will be presented additionally after development is completed. The implementation of the function should increase competition between online platforms and expand the possibilities of cashless payments, allowing banks and services to offer customers new convenient services.
