CloudPayments, a renowned payment service, announced its decision to terminate its operations in Uzbekistan. The company’s local website has confirmed this development. The company cites evolving market conditions as the primary reason for discontinuing its operations in Uzbekistan, starting from March 18.
Established in 2014, CloudPayments has been a significant player in the internet-acquiring service sector. It has provided its clients with the ability to swiftly integrate online payments with Visa, Mastercard, and MIR cards into their websites and applications. Additionally, it facilitated payments via links or QR codes.
Ownership transitions
In 2017, TCS Group Holding, which includes “Tinkoff Bank”, procured a majority stake of 55% in CloudPayments for RUB 290 mn ($3.1 mn). Despite the change in ownership, the service continued to function under its original brand.
The founders of the service, Dmitry Spiridonov and Konstantin Yan, sold an additional 35% stake to “Tinkoff” in 2019. Following this, Yan transferred the residual 5% stake he possessed to the company. Spiridonov then assumed the role of Deputy Chairman of the Board of “Tinkoff”.
In 2022, CloudPayments applied to register its trademark in Uzbekistan. The business activities listed in the application included cash registers, billing services, money transfers, and customer authentication in e-commerce.
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