Senate Approves Law on Improving Payment Systems

At the plenary session of the Senate of the Oliy Majlis, the law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Improving the Activities of Payment System Operators and Payment Organizations" was approved.

During the discussion, it was noted that in recent years the country has been actively implementing reforms aimed at developing digital payments, reducing financial risks and protecting consumer rights. At the same time, it was emphasized that it is necessary to introduce modern tools that can prevent cases of theft and fraud with bank cards both in commercial banks and among payment system operators and in payment organizations.

The adopted law provides for changes in a number of regulatory acts, including the laws "On Payments and Payment Systems", "On the Central Bank of the Republic of Uzbekistan", "On Joint Stock Companies and Protection of Shareholders' Rights" and "On Licensing, Permitting and Notification Procedures". The amendments are aimed at regulating the work of operators and payment organizations, introducing anti-fraud systems and biometric identification, as well as simplifying licensing procedures.

The document is aimed at improving the security of the payment services market, preventing financial fraud and stimulating further development of the industry. Senators emphasized that the law creates conditions for a competitive environment, reduces administrative barriers and promotes greater activity of banks in the field of payment services.