In 2023, Uzbekistan recorded an increase in peer-to-peer (P2P) transfers, with the total reaching UZS 224.3 trillion ($18.2bn), a 56% rise from 2022, reports the Central Bank of Uzbekistan. Of these transfers, 65.7% went to Uzcard cards and 34.3% to Humo cards.
Transfers through payment applications grew by 78%, leading to 31.4mn transactions. This resulted in a volume of UZS 603.8 trillion ($48.9bn), with 91% of payments between legal entities conducted remotely. Payments through the clearing settlement system increased by 30%, totalling UZS 78 trillion ($6.3bn), with half related to UzAuto Motors.
The number of QR codes issued to businesses rose by 3,000 to 100,700. Transactions using QR codes increased by 146%, from UZS 137bn ($11.1mn) to UZS 337bn ($27.3mn).
The Central Bank of Uzbekistan expects a 10-15% rise in money transfers for 2024, aiming for $12-12.5bn. This is based on enhanced conditions for migrant workers and consistent demand for workers abroad, expected to maintain the momentum of migration and money transfers.
Cross-border money transfers to Uzbekistan also grew by 14% in 2023, compared to a 3% rise in 2022. The Asian Development Bank reported positive trends in money transfers from the Russian Federation to Central Asia in the previous spring.
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