The national payment system of Kyrgyzstan, "Elkart," is preparing for integration with Uzbekistan's Uzcard. This was reported by the Azerbaijani publication Trend, citing the press service of "Elkart."
Representatives of the organizations signed a memorandum of cooperation on October 24. The document outlines plans to create a unified payment ecosystem between Uzbekistan and Kyrgyzstan in several stages.
As stated by "Elkart," the first stage will involve launching transfers between the cards of the two payment systems. Subsequently, ground acquiring will be established, including cash withdrawals at ATMs and card payments from one system at POS terminals of the other.
To implement the project, modern solutions will be utilized that minimize transaction time, enabling instant transfers. Users will be guaranteed data security, protection against unauthorized access, and fraud.
"Elkart" anticipates that the ability for cross-border payments with cards abroad will contribute to the development of the financial infrastructure in Uzbekistan and Kyrgyzstan. This, in turn, will stimulate mutual trade, tourism, and economic cooperation.
The head of the Humo payment system, Shukhratbek Kurbanov, announced in June of this year the launch of seamless payments in Kyrgyzstan and Kazakhstan. Specifically, the NMPCC agreed to accept payments from "Elkart" system cards on the territory of Uzbekistan.
Earlier, Spot reported that the Indian payment system UPI plans to integrate with Humo and Uzcard.