Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan is considering connecting individuals to the Instant Payment System, as reported by Mirosiz Mirkhayotov, Deputy Director of the Payment Systems Department of the Central Bank. Currently, the system is used by legal entities and individual entrepreneurs.

Mirkhayotov highlighted that many banks and payment organizations already offer interest-free P2P transfers, which citizens actively use through mobile apps. However, he expressed opposition to centralized regulation of fees in banking and payment applications.

He noted that mandatory implementation of free transfers could negatively impact the development of services and create issues for mobile applications, such as restrictions on ATM withdrawals or P2P transfers.

"We support market-based pricing and competition," emphasized the deputy director of the regulator's department.

The Central Bank also outlined plans to connect individuals to the Instant Payment System, which is expected to improve social services and enhance payment convenience. Mirkhayotov stressed that the proposed fees would take into account healthy competition and should not distort the market.

The Instant Payment System has been actively used in Uzbekistan since 2024, providing round-the-clock payment options. In the past year, the system processed 47.6 million transactions totaling 917.9 trillion soums, more than 50% higher than the figures for 2023.