P2P Transfers via Uzcard and Humo Payment Systems Increase by 1.5 Times in 2023
The volume of peer-to-peer (P2P) money transfers in Uzbekistan saw a significant increase in 2023, reaching 224.3 trillion UZS through the Uzcard and Humo payment systems. This marked an 56% increase compared to the previous year, according to reports from the Central Bank’s press service.
Notably, payments executed using QR codes more than doubled, experiencing a 2.5-fold increase. This surge in P2P transactions highlights the growing preference for digital transactions within the national platforms of Uzcard and Humo. A detailed breakdown reveals that 65.7% of the P2P payments were carried out through Uzcard, while Humo accounted for 34.3%, showing a slight shift from the previous year.
In addition, the number of QR codes supplied by the QR-online information system to business entities rose by 3,000, reaching a total of 100.7 thousand compared to the previous year. The value of transactions conducted through these QR codes nearly tripled, jumping from 137 billion UZS to approximately 337 billion UZS.
The introduction of the QR-online system has enabled swift payments for goods and services through QR codes using mobile applications, without the direct use of a bank card or payment terminal. This initiative reflects the broader trend towards convenient and secure cashless payments in Uzbekistan’s evolving digital economy.
The increase in P2P money transfers and the adoption of QR code payments illustrate the growing digitalization and modernization of the payment landscape in Uzbekistan, signaling a shift towards more efficient and convenient financial transactions.
