Why is this important
The introduction of a unified procedure for QR code payments creates a common infrastructure for cashless transactions and reduces reliance on individual payment solutions. The standardization of rules simplifies payment acceptance for businesses and makes the payment process more predictable for users. It also lays the groundwork for scaling fintech services and enhancing transaction transparency.
What happened
- In Uzbekistan, a procedure for conducting payments via unified QR codes has been approved, and the corresponding regulatory act has been officially registered.
- The document sets out the operating rules of the system and allocates responsibilities among its participants.
- It was adopted as part of implementing a decree on the phased introduction of QR code-based payment acceptance for all legal entities in trade and the service sector.
Numbers and facts
- The rules provide for the division of QR codes into static and dynamic formats.
- Mutual integration of all payment systems has been established through a single QR code.
- The system operator ensures automated processing of information regarding payments and settlements, delivering data to participants in real time.
- The system provides a customer support service and the ability to download data regarding the status of inquiries.
- Users can scan the QR code through mobile applications, confirm the payment amount, receive online information on transactions, and view transaction history.
Context
- For businesses, this means a unified standard for accepting payments without the need to connect to several separate systems.
- Users have the opportunity to pay for purchases through any banking or payment application without being tied to a specific provider.
- For the market, this is a step toward strengthening competition between services and accelerating the transition to cashless payments through unified infrastructure.
