Business forced to set prices as UzQR payment system is strengthened

Starting from July 1, 2024, all legal entities operating in the trade and services sector will be required to use the UzQR unified payment system. This was reported by Zamin.uz.

The new regulation aims to introduce a single system that works across all applications, replacing the separate QR codes of various banks and payment organizations. For every payment made via UzQR, a commission of 0.65 percent of the transaction amount will be charged to the business entities.

For comparison, the commission for payments via bank terminals is 0.2 percent. In some private QR systems, this figure ranges from 1 percent to 3 percent.

No additional commission has been officially set for customers. However, the Central Bank has begun investigating cases where some payment applications are withholding up to 1 percent of funds from customers.

According to economists, the 0.65 percent tariff is more expensive for businesses compared to traditional terminals. Therefore, the mandatory implementation of the system may be due to its lack of sufficient advantage in competition with cash and acquiring services.

The main convenience of UzQR is that the entrepreneur is not required to sign separate contracts with various banks and payment operators. It will be possible to accept payments from different applications through a single QR code.

Additionally, the process of accounting for revenues will be simplified. Through the system, small and medium business owners will be able to organize their activities more efficiently and create convenient conditions for customers.