TASHKENT, Uzbekistan, October 16. UZCARD, the
national payment system, and AFIN have signed a memorandum of
strategic partnership to advance routing and tokenization
technologies for payment instruments and to implement elements of
Open Banking in Uzbekistan, Trend reports.
The agreement outlines the parties’ commitment to jointly
develop a new technological architecture aimed at enhancing the
security, interoperability, and mobility of future financial
services.
The initiative involves the launch of a new generation of
tokenized cards - a technology in which the actual card details are
replaced by a unique digital identifier, or token. This token is
used for payments, while the underlying card data is never
transmitted, significantly reducing the risk of fraud and data
breaches in both online and offline transactions.
The project will be among the first in the region to implement
large-scale card tokenization in Central Asia, paving the way for
the creation of a next-generation digital payment ecosystem.
A key characteristic of the forthcoming payment cards is their
agnostic architecture, enabling a single payment instrument, be it
a card, sticker, bracelet, or any other form factor, to be utilized
across multiple banks, mobile wallets, and financial applications
without the need for reissuing the card or reconnecting accounts.
Users will have the flexibility to first select a preferred
16-digit card number (token), and subsequently choose and link
their desired bank.
Thanks to tokenization, users will enjoy greater flexibility and
convenience while ensuring maximum data protection: each token is
linked to a specific device or application and cannot be misused
elsewhere.
At the same time, businesses and banks will benefit from
enhanced payment security, reliability, and interoperability across
the entire UZCARD infrastructure.
The signing of the memorandum between UZCARD and AFIN marks a
significant step in the development of Uzbekistan’s fintech
infrastructure and underscores the country’s commitment to
innovation and the digital transformation of the financial sector
in line with international standards
