Tashkent, Uzbekistan (UzDaily.com) - Payment systems HUMO and UZCARD signed a memorandum of cooperation. The document envisages the implementation of joint projects that contribute to the improvement of cashless payments in Uzbekistan. The first project under the signed memorandum will be the phased integration of the companies' infrastructures.

“The integration of infrastructures will bring tangible benefits to cardholders, banks and business owners. Buyers will not need to think about which terminals the outlet uses, and entrepreneurs will be able to accept payments from both cards through one terminal. I would like to note that UZCARD and HUMO will continue to create a competitive environment in the market of payment services in Uzbekistan, ”said director of the NMPTs Shukhratbek Kurbanov.

Close cooperation of payment systems will allow faster response to market demands and more efficient implementation of innovative solutions. The terminals are expected to start accepting both types of cards by the end of 2021.

“Cooperation between UZCARD and HUMO will make financial services more convenient and accessible for citizens, as well as develop and improve the financial literacy of the population even in remote regions of the country. This, in turn, will stimulate companies to develop new technologies, develop the payment business and improve the quality of service. Moreover, it will contribute to the development of fair competition and the emergence of new participants in the fintech market,” commented Farrukh Ziyaev, CEO of UZCARD.

Also, within the framework of the memorandum, the companies agreed to cooperate in the following areas:

- protecting the interests of cardholders, banks, payment organizations and retail outlets;

- improving technologies and expanding infrastructure to stimulate cashless payments;

- implementation of projects to ensure the reliability and information security of the payment infrastructure.