It will be possible to transfer money via phone number in Uzbekistan
Uzbekistan now has the ability to transfer money via mobile phone number. According to the decision of the Central Bank Board, which was registered with the state on August 24, the procedure for making money transfers between individuals via mobile phone numbers has been established. This document will come into force three months after the date of its official publication.
According to the new procedure, citizens will not be required to enter the recipient's bank account or card details when sending money. For this, the recipient's mobile phone number must be linked to his bank account. The transfer will be made through the Central Bank's Instant Payments system.
**Procedure for linking a phone number to an account**
The user's phone number registered in the bank's mobile application is linked to the corresponding bank account. It is allowed to link one mobile phone number to only one bank account within one bank.
After the linking process is completed, a special “linking code” is generated and displayed to the user in the bank’s mobile application. A citizen can cancel the linking of a phone number to his account at any time through the mobile application or by contacting the bank directly.
If the user registers a new phone number in the bank’s mobile application, the previous number will be automatically replaced with a new one.
**Money transfer process**
The sending bank enters the recipient’s phone number or “linking code” in the appropriate field in the mobile application. After that, the Instant Payments system determines the recipient’s account information.
Before confirming the transfer, the user is shown the recipient’s full name, bank, and brokerage fee. Only after that, the payer selects the bank to which the transfer will be made and confirms the operation.
Such transfers made through the mobile application are performed 24/7 and in real time. Transfers made directly to the bank will be made on business days and during the bank's business hours.
**Security requirements**
The rules stipulate that when making transfers based on a phone number, it is mandatory to comply with current requirements for information security, cybersecurity and fraud prevention.
After the transfer is successfully completed, the payer will be provided with a document confirming the operation. It will reflect information such as the date and time of the transfer, the number in the payment system, the names of the banks, the details of the payer and the recipient, the amount of the transfer and the brokerage fee.
Thus, after the new system is launched, citizens will be able to use their phone number to send money to another person instead of searching for and entering their bank details.
Recall that in March, the Account-to-Account (A-A) service between banks was launched in Uzbekistan. This service allows individuals to transfer money directly from one bank account to another.