RETAIL PAYMENT SYSTEM OF BANKS THE NEED AND IMPORTANCE OF DEVELOPMENT

Abstract

In recent years, Uzbekistan has been implementing significant reforms in the digitalization of the banking system, including the expansion of retail payment services. Retail payments are mainly made through mobile applications, Internet banking, POS terminals and QR codes. This is increasing the level of access to financial services for individuals and small businesses. According to the Central Bank, in 2023 the number of retail payments in the republic will reach 1.7 billion, which is 2.3 times more than in 2020. The share of national and private payment systems such as UZCARD, HUMO, Click, Payme in this growth is increasing significantly. This indicates an increase in digital financial literacy among the population and the introduction of innovative solutions by commercial banks.