The Central Bank explained a new function in money transfers

The Central Bank of the Republic of Uzbekistan has issued an official explanation regarding the addition of a "transfer purpose" list in money transfers between individuals. This was reported by Zamin.uz.

According to the Central Bank, implementing this function is not mandatory for commercial banks and payment services, but optional. The Central Bank revealed the main objectives of this innovation.

It states that such a feature enables the development of healthy competition among online platforms and allows banks and financial technology systems to offer new services. This serves to improve the user experience.

Additionally, it is emphasized that based on user feedback regarding interface and convenience, this function may be further improved in the future. In conclusion, if a "transfer purpose" section appears in your mobile application, it is due to the bank's own initiative.

Currently, there are no mandatory requirements in this regard.