TASHKENT, Uzbekistan, January 15. Uzbekistan’s
national payment system HUMO and payment organization MULTICARD
have signed a memorandum of strategic partnership aimed at jointly
developing innovative digital solutions in Uzbekistan’s financial
market, Trend
reports, via HUMO.


The memorandum was signed by Maksadjon Mukhitdinov, First Deputy
Chairman of HUMO’s Management Board, and Avaz Mutalov, Chief
Executive Officer of Multicard.


As part of the strategic cooperation, the parties plan to
implement a range of initiatives, including the development and
deployment of joint fintech projects, digital transformation
through the enhancement of business processes, data analytics, and
IT infrastructure, as well as the launch of integrated marketing
and information campaigns.


The collaboration also includes full integration of MULTICARD’s
Rahmat payment ecosystem into HUMO’s product portfolio. This
includes the rollout of a unified Rahmat QR code for accepting
payments in both online and offline environments, as well as the
introduction of Rahmat POS solutions for retail and service
enterprises of various sizes.


HUMO is Uzbekistan’s national payment system, providing
card-based and digital payment services across the country.







Rahmat is a multiservice payment platform developed by
Multicard, offering integrated business solutions under a single
brand.


The transition to digital finance in Uzbekistan commenced
gradually, gaining traction from 2016 to 2018, and accelerated with
the initiation of the "Digital Uzbekistan-2030" Strategy in October
2020.


Significant milestones encompass pre-2016 dependence on cash and
state-owned banks; the 2016 inception of Humo to foster
competition; the 2018 legalization of cryptocurrency trading and
digital economy initiatives; the entry of foreign fintech in 2019,
exemplified by TBC Bank's investment in Payme; an increase in
remote banking attributed to the COVID-19 pandemic in 2020; the
2023 establishment of a National Payment System and a growth in
mobile banking users; and proposed cashless mandates for high-value
transactions by 2026, alongside innovative payment solutions such
as MyID Palm in Tashkent.


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