DEVELOPMENT OF THE NON-CASH PAYMENT SYSTEM IN THE REPUBLIC OF UZBEKISTAN: CHALLENGES AND PROSPECTS OF DIGITALISATION
Keywords:
non-cash payments, digitalisation, Uzbekistan, payment infrastructure, financial inclusion, fintech, Central Bank, interoperability, informal economy, digital literacy.Abstract
This article examines the current state and structural dynamics of the non-cash payment system in the Republic of Uzbekistan against the backdrop of accelerating digital transformation. Drawing on Central Bank of Uzbekistan statistical data for 2019–2023, the study traces the evolution of the non-cash share in total payment volume and identifies persistent barriers to full cashless integration. The analysis covers geographic asymmetries in payment infrastructure, incomplete interoperability between domestic payment systems, and the unresolved tension between rapid fintech growth and regulatory capacity. Three structural constraints are identified that standard digitalisation narratives tend to understate: informal economy inertia, digital literacy gaps among the rural adult population, and underdeveloped consumer dispute resolution mechanisms. Practical recommendations are offered that reflect the institutional realities of Uzbekistan's financial sector rather than generic policy templates.
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