Criteria for determining the significance of payment systems
Tashkent, Uzbekistan (UzDaily.com) -- In accordance with Article 6 of the Law of the Republic of Uzbekistan “On Payments and Payment Systems”, payment systems are divided into significant and other payment systems.
According to article 21, the Central Bank determines the criteria for the importance of payment systems in order to regulate payment systems.
Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 15/2 from 27 June 2020 established the following criteria for determining the significance of payment systems:
- the presence in the infrastructure of the payment system of more than two million active users of payment services (to whose account funds are credited at least once a month);
- the volume of payments made through the payment system for one year is more than 25 (twenty five) percent of the total volume of payments of this type;
- the volume of payments made through the payment system during the year exceeds 12 (twelve) trillion soums.
A payment system is significant if it meets at least two criteria.
The central bank determines the importance of a payment system based on an analysis of its activities according to the above criteria.