TASHKENT, Uzbekistan, April 12. Uzbekistan’s Central Bank is considering extending the country’s Instant Payment System (IPS) to include individual users, Deputy Director of the Central Bank’s Payment Systems Department Miraziz Mirkhayotov said during a media dialogue, Trend reports.
According to him, this move could significantly improve the accessibility and efficiency of digital transactions for the general public. Currently, the system is available only to businesses and individual entrepreneurs.
"The initiative, still in its planning stage, is expected to contribute to the development of more socially-oriented payment solutions. Enabling individuals to access real-time payments could streamline daily financial transactions and enhance convenience," he said.
Miraziz Mirkhayotov noted that as the use of mobile banking apps grows, many commercial banks and payment services in Uzbekistan have already introduced commission-free peer-to-peer (P2P) transfers. Consumers are actively using these services through various mobile platforms.
"However, the Central Bank cautions against imposing mandatory commission-free transactions across all platforms. Such measures, they argue, may hinder the sustainable development of digital payment services. Past experiences with centralized fee regulations prior to 2017 revealed operational challenges and limited innovation," he emphasized.
The Central Bank advocates for a competitive, market-driven approach to fee structures in financial apps, emphasizing that any future proposals regarding transaction fees must maintain a level playing field and avoid distorting competition. Ensuring healthy market dynamics remains a priority as the country advances its digital payment ecosystem.
