THE IMPACT OF DIGITAL PAYMENT SYSTEMS ON DOMESTIC MARKETS: THE CASE OF UZBEKISTAN

This study investigates the impact of digital payment systems on Uzbekistan’s domestic markets, highlighting the rise of cashless transactions, peer-to-peer (P2P) transfers, and mobile/QR-based payments. In 2023, P2P transfers reached 224.3 trillion UZS, a 56% increase from the previous year, while cash withdrawals declined to 22.7% of total transfers in early 2024. The analysis indicates that digital payments are reshaping consumer behavior, enhancing financial inclusion, and improving market efficiency. The paper also discusses regulatory and cybersecurity challenges associated with this transition.

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