BAKU, Azerbaijan, November 7. It is planned to introduce the possibility of payment by cards of the Kyrgyz National Payment System (NPS) Elkart in the network of Uzbek NPS UZCARD and vice versa, by UZCARD cards in the Elkart network, Trend reports via Interbank Processing Center CJSC (operator of NPS Elkart).
The memorandum of cooperation between the national payment systems of Kyrgyzstan Elkart and Uzbekistan UZCARD was signed on October 24 this year, which is aimed at creating a unified payment ecosystem between the two countries.
“The first stage is planned to implement the possibility of making transfers from a card of one payment system to another. The second stage is planned to implement ground acquiring - cash withdrawal operations in ATMs and the possibility of payment in POS terminals with Elkart cards in the UZCARD network and vice versa, with UZCARD cards in the Elkart network,” the organization said.
According to the Interbank Processing Center, modern technologies will be used for the project, which will ensure transparency and security of data, prevent unauthorized access, and increase protection against fraud. The introduction of new solutions will also help reduce the time for processing transactions, allowing for instant transfers.
“The possibility of paying with cards of the national payment system outside the country and increasing cashless turnover between the countries will open new opportunities not only for the financial infrastructure of the two countries but also give impetus to the development of mutual trade, tourism, and economic cooperation in many other sectors of Kyrgyzstan and Uzbekistan,” the information noted.