Kyrgyzstan and Uzbekistan have officially launched the first cross-border money transfer service between their national payment systems - Elkart and UZCARD in a significant step toward regional financial integration.
The new service enables residents of both countries to send funds directly between bank cards, bypassing international payment systems, The Caspian Post reports via Kyrgyz media.
The system went live during a formal presentation held in Bishkek, where it was announced that users in Kyrgyzstan can access the service via the Elkart Mobile app, while those in Uzbekistan can do so through the UNIRED app.
Chairman of Kyrgyzstan’s Interbank Processing Center (IPC) Altymysh Turatbekov said that the initiative is a direct result of the 2024 UZCARD Forum memorandum, and signals a broader commitment to building a unified financial ecosystem in Central Asia.
“This service simplifies life for citizens on both sides of the border and helps lay the foundation for economic integration and entrepreneurial support,” Turatbekov stated.
Initially, the service supports bilateral transfers between Elkart and UZCARD cards. Upcoming phases will include:
Acceptance of UZCARDs at ATMs and retail terminals across Kyrgyzstan;
Issuance of UZCARDs inside Kyrgyzstan;
Favorable exchange rates set by settlement banks.
“Our joint infrastructure simplifies and secures everyday financial transactions,” said Olimjon Zakirov, Commercial Director of UZCARD. “This partnership reflects a shared vision of digital innovation and mutual growth.”
All user data is encrypted and transmitted via secure channels, in full compliance with both nations’ data protection laws.
Benefits for Citizens and Businesses
For individuals, the system offers:
Easy transfers in local currencies;
No need for USD conversions or third-party apps;
Use of trusted, familiar mobile platforms.
For businesses, the integration provides:
Future acceptance of UZCARD payments;
Simpler settlements with foreign partners;
Opportunities to expand client networks.
“Many people along the border have family or business ties. This gives them a modern alternative to outdated transfer schemes,” noted Vladislav Ten, Board Member of Bank of Asia. He added that the system could also boost QR code payments, online shopping, and digital wallets.
Officials announced plans to expand the platform beyond Kyrgyzstan and Uzbekistan. Target countries include Kazakhstan, Tajikistan, Azerbaijan, Türkiye and China.
“We expect this project to benefit everyday users and accelerate regional economic cooperation,” Turatbekov added.
In the long term, both sides envision a Central Asian Unified Payment Zone - complete with its own digital infrastructure, rules, and priorities.
Elkart is Kyrgyzstan’s national payment system, operated by the Interbank Processing Center (IPC) with Bank of Asia as its settlement partner.
UZCARD is Uzbekistan’s national payment system, run by the Republican Processing Center (RPC) and supported by Universal Bank. RPC focuses on advancing digital finance and secure payment technologies.
