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Uzbek
Uzbekistan’s officials have once again highlighted the need to launch international payment services such as PayPal, Apple Pay, and Google Pay. This issue has been discussed for over five years, but no real steps have been taken toward their implementation. However, the government recently instructed that the process be expedited.
The Central Bank of Uzbekistan, in cooperation with the Ministry of Digital Technologies and the Tourism Committee, has been tasked with negotiating with international online payment companies, including major players like PayPal, Alipay, UniPay, Apple Pay, and Google Pay.
The goal is to integrate these payment systems into the country’s economy so that they can be used in Uzbekistan’s payment systems and banking services. If necessary, proposals will be made to amend national legislation to facilitate their operations within the country.
Why is this being done?
- Improving the investment climate. The presence of major payment systems makes the country more attractive to foreign investors and businesses. Simplified international transactions significantly ease doing business in Uzbekistan, especially for companies working with international partners and clients.
- Increasing tourist flow. Integrating international payment systems creates convenience for foreign tourists, allowing them to pay using familiar methods. This contributes to the development of the tourism industry and enhances its competitiveness.
- Supporting e-commerce. Local online stores and entrepreneurs will be able to work more easily with foreign clients, opening new markets and stimulating the growth of e-commerce.
- Convenience for citizens. The availability of services like Apple Pay and Google Pay will simplify daily payments for citizens, making transactions faster and more convenient. Smartphones and other gadgets will be used for payments everywhere, accelerating the digitalization of the economy.
Possible Drawbacks and Challenges
- Legal barriers. For these companies to operate successfully in Uzbekistan, it may be necessary to revise legislation, which could be a complex and lengthy process. National regulations regarding payment systems need to be aligned with international standards.
- Cybersecurity. Implementing international payment systems requires a reliable infrastructure to protect users’ data. Any breaches or data leaks could negatively impact the country’s reputation and undermine trust in these new tools.
- Competition with local payment systems. Uzbekistan already has local payment services such as Click and Payme. The introduction of international giants may create competition for local players, which could negatively affect their revenues and growth prospects.
In general, the launch of PayPal, Apple Pay, and Google Pay in Uzbekistan will open up new opportunities for the country’s economy, speed up its digitalization, and simplify interactions with international partners and tourists. However, the implementation process requires a balanced approach, legislative revisions, and ensuring a high level of cybersecurity.
The text has been translated by AI. For more accurate information, please refer to the Russian version of the article
