Tashkent, Uzbekistan (UzDaily.com) – The Central Bank of Uzbekistan and global payment technology company Visa signed a Memorandum of Understanding and Cooperation for the joint implementation of programs on the development of digital payment infrastructure in Uzbekistan.

According to the memorandum, the parties intend to jointly promote the creation of a digital payment infrastructure in Uzbekistan, expand the network of accepting electronic payments by introducing new digital payment products, and cooperate in the development of regulations aimed at developing digital payments.

Also, the parties agreed to implement programs to expand card acceptance throughout the country and develop e-commerce by providing banks and merchants with reliable risk management tools.

Visa and the Central Bank of the Republic of Uzbekistan will develop the infrastructure of digital payments in Uzbekistan.

As part of the partnership, the Parties intend to work with local banks on the implementation of tokenization of card credentials to ensure the security of mobile and electronic payments, as well as exchange data on risks and fraudulent transactions.