The fixed-term payment market in Uzbekistan will be regulated
From January 1, 2027, the activities of fixed payment service operators will be launched in Uzbekistan. Their activities will be regulated through a special register formed by the Central Bank.
In order to regulate the fixed payment market in Uzbekistan, the Presidential Decree No. PQ-294 dated August 14, 2023 "On measures to improve the provision of fixed payment services to the population" was adopted.
In accordance with this resolution, the activities of fixed payment service operators will be established from January 1, 2027. In this regard, all legal entities providing fixed payment services, except for banks and microfinance organizations, will be recognized as fixed payment service operators.
Legal entities will have the right to provide fixed payment services only after being included in the Register of Organizations Performing the Activities of Fixed Payment Service Operators, which will be formed by the Central Bank. Banks and microfinance organizations are included in this register by notifying the Central Bank, and other legal entities by registering an account with the Central Bank.
According to the resolution, real estate, as well as other property that has been withdrawn from circulation or is restricted from circulation in accordance with the law, cannot be an object of a fixed-term payment service.
The resolution also established a number of restrictions on the activities of fixed-term payment service operators. In particular, they are prohibited from granting financial consumer loans and attracting funds from individuals.
In addition, operators are allowed to waive their right to claim under fixed-term payment service agreements only in favor of another fixed-term payment service operator, microfinance organization or bank.