In a move to bolster financial connectivity, the international payment system KWIKPAY has unveiled its new service for money transfers to Uzbekistan. The feature allows users to credit funds to UZCARD and HUMO directly from Mir, Visa, and MasterCard cards issued in Russia.
What sets KWIKPAY apart is its commitment to user-friendly transactions, offering transfers without any pesky commissions. Individuals can send up to a generous UZB 16.4mn ($1,333) in a single transaction, with a monthly cap of UZB 164mn ($13,338) from one card.
KWIKPAY, known for its wide range of services, aims to simplify and secure global money transfers through its mobile application. Users can seamlessly transfer money between countries, whether in cash, by phone number, card, or account. Notably, payments can be made using the cards of any Russian bank.
The platform boasts over 20,000 daily users, serves 15 different money transfer directions and has gained the trust of more than 100,000 loyal customers.
Russia Around Sanctions
The introduction of this service aligns with Russia's efforts to overcome challenges posed by Western sanctions. These sanctions have disrupted various sectors, leading Russia to explore alternative economic stability measures, including trade and cooperation with China, India, and Central Asian countries like Uzbekistan.
Daryo recently reported that Russia has initiated money transfers to Uzbekistan through its fast payment system (SBP). This move provides a convenient alternative for labor migrants and relocates, especially considering the limitations imposed on international payment systems due to the ongoing conflict in Ukraine.
Notable Russian financial institutions, including VTB, Alfa Bank, Rosselkhozbank, and Pochta Bank, plan to incorporate the SBP for cross-border transfers, reflecting the growing importance of such payment systems.
Recent statistics highlight the significance of these initiatives, with remittances from Russia to Uzbekistan surging to a record $14.5bn in 2022—a remarkable 2.6-fold increase within a year.
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