Uzbekistan's Central Bank to Launch Universal QR Code Pilot

In a significant move towards modernizing financial transactions, Uzbekistan's Central Bank is set to pilot a universal QR code system for cashless payments starting this December. This initiative, undertaken in partnership with local businesses, is part of a broader fintech development program aimed at enhancing financial technologies across the country. The full-scale implementation of this system is scheduled for February 2026.

Presidential Decree Spurs Fintech Advancements

On November 27, President Shavkat Mirziyoyev endorsed a decree to promote the advancement of financial technologies within Uzbekistan. This decree is pivotal to the 2025-2026 fintech development agenda, which includes establishing unified standards for QR code payment systems. These efforts are intended to streamline cashless transactions, benefiting both businesses and consumers by simplifying payment processes.

Pilot Project Rollout and Regulatory Framework

Timur Ishmetov, the chairman of the Central Bank, is spearheading the pilot project in collaboration with various banks and payment service providers. By January 2026, the Central Bank plans to have developed and approved the necessary regulatory framework for this universal QR code. Following this, a comprehensive rollout is anticipated in February 2026.

Advantages of a Universal QR Code

The introduction of a universal QR code is expected to significantly simplify cashless payments. At present, many businesses display multiple QR codes at their points of sale, which can be confusing for customers. The new standard will allow a single QR code to be used, enabling customers to pay through their preferred mobile app or payment service with ease.

According to Miraziz Mirhayatov, the deputy director of the Central Bank’s Payment Systems Department, this new standard will take about a year to develop. He emphasized that the universal QR code will reduce complexity for both businesses and consumers, creating a more efficient payment environment.

Growth in QR Code Usage

Recent figures from the Central Bank indicate a growing adoption of QR codes in financial transactions. In 2024 alone, over 108,000 entrepreneurs acquired individual QR codes. Furthermore, payments made via QR codes increased by nearly 31%, reaching a total of 441.79 billion UZS.

Benefits Beyond Simplification

The Central Bank points to several advantages of QR code payments. For businesses, the absence of the need for POS terminal installations translates into cost savings. Additionally, the integration of this system allows for automatic crediting of tax cashback, further incentivizing businesses to adopt this payment method.

Regulatory Compliance for Self-Employed Individuals

A presidential decree issued in August mandates that self-employed individuals and sole proprietors must create QR codes for accepting electronic payments. The decree underscores the importance of transitioning to digital payment methods, stating that failure to comply will be regarded as equivalent to not using traditional cash register equipment.

As Uzbekistan prepares for the full implementation of this universal QR code system, it sets a precedent for other nations looking to modernize their financial infrastructures. The initiative underscores the country's commitment to leveraging technology to facilitate seamless and efficient financial transactions.

For those interested in generating QR codes, a reliable QR code generator can assist in creating versatile and user-friendly codes to enhance payment processes.