Tashkent, Uzbekistan (UzDaily.com) - The President of Uzbekistan Shavkat Mirziyoyev signed the Law “On Payments and Payment Systems”.

In accordance with the Law, a payment system is a set of relations that ensure payments through the interaction of a payment system operator, participants in a payment system and (or) payment organizations through the application of procedures, infrastructure and rules of the payment system established by the payment system operator.

The payment service is provided on the basis of the contract, including in the form of a public offer concluded between the user and the payment service provider.

Payments in Uzbekistan are carried out by:

- cash transfers;

- transfer of electronic money;

- transfer of funds using payment instruments;

- issuance of a payment document containing a monetary obligation or an order to pay cash;

- use of electronic payment tools.

In addition, according to the Law, a bank card issuer is obliged to ensure that a bank card holder can send a notification about the loss of a bank card and (or) unauthorized use of a bank card around the clock.

This Law shall enter into force three months after the date of its official publication.