Apple Pay and Google Pay May Launch in Uzbekistan in Coming Months
Apple Pay and Google Pay are anticipated to launch in Uzbekistan within the next few months, according to Jamshid Usmanov, head of a department at the Central Bank. Negotiations regarding technical integration with Apple and Google have commenced following amendments to legislation concerning personal data. Usmanov stated that commercial banks are actively engaged in integration efforts. Key aspects of this process involve the tokenization of payment cards.
The impending introduction of major digital payment platforms like Apple Pay and Google Pay in Uzbekistan signals a significant step towards modernizing the country's financial infrastructure. This move is likely driven by a desire to enhance user convenience, boost digital transaction volumes, and align with global financial technology trends. The legislative amendments concerning personal data suggest a proactive approach to data privacy and security, crucial for building consumer trust in these new services. The involvement of commercial banks in the integration process indicates a collaborative effort between regulators and the private sector. The focus on card tokenization points to a commitment to robust security protocols, a standard practice for such platforms to protect sensitive financial information. This development could foster greater financial inclusion and stimulate economic activity by making digital payments more accessible and secure for a wider population.
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