️ The Central Bank of Uzbekistan has abolished the mandatory requirement to specify the purpose of payment for peer-to-peer (P2P) card transfers conducted through mobile applications. In a new clarification, the regulator stated that fintech organizations can now implement this functionality at their discretion, adapting it to their technical capabilities and internal policies.

️ According to the regulator's latest directive, commercial banks and payment organizations have the right to independently decide how to implement the "purpose of operation" feature. They may expand the list of payment categories, reduce them, or modify parameters based on the architecture of their mobile applications. The key condition is maintaining the convenience of digital services for end consumers.

️ Previously, it was anticipated that specifying the purpose of transfers would become a mandatory step for all P2P transactions. The regulator had explained the necessity of this innovation as a desire to detail money flow statistics and stimulate healthy competition among online platforms.

️ It was expected that data on how funds are spent (e.g., "family assistance" or "payment for services") would help banks create more personalized digital products for users. However, considering the interface specifics and technical features of different platforms, the regulator decided to collect proposals and feedback from market participants through the Payment Systems Department.

️ The Central Bank emphasized that work on improving this mechanism continues. A final unified regulation will be published only after the authority studies all technical proposals from commercial banks and payment organizations.

Source: podrobno.uz