Main areas of cooperation:
- Cross-border payments: joint efforts will focus on simplifying cross-border payment operations, cash withdrawals, and money transfers for cardholders of both payment systems.
- Digitalization and new solutions: the implementation of modern information technologies and support for new solutions in the payment services market aimed at enhancing their accessibility and convenience for the population.
- Financial literacy: conducting joint PR campaigns aimed at promoting electronic payments and increasing the financial literacy of citizens in both countries.
- Progressive projects: development and implementation of joint projects to improve the settlement system and enhance the quality of financial services.
The memorandum implies significant benefits for both countries, fostering the development of e-commerce and cashless transactions. The introduction of new technologies and the simplification of cross-border payment operations will create conditions for the growth of entrepreneurship and expand access to financial services. This, in turn, will enhance the convenience and security of payments for citizens of both countries.
Collaboration between UZCARD and "Elcart" will improve service quality in the banking sector, creating a more competitive environment in the payment services market. Joint projects aimed at increasing the financial literacy of the population will also contribute significantly to the development of economic culture.
Thus, the integration of the national payment systems UZCARD and "Elcart" will open new opportunities for the development of not only the financial infrastructure of both countries but will also provide a new impetus for the growth of various sectors, stimulating the development of mutual trade, tourism, and economic cooperation between Uzbekistan and Kyrgyzstan.
It is worth noting that the UZCARD FORUM 2024 is a large-scale event in the field of financial technologies, dedicated to the 20th anniversary of UZCARD. The forum, held for the second consecutive year, brings together leaders from the banking and fintech sectors of Uzbekistan on a single platform.