Russia's Cloudpayments To Suspend Operating In Uzbekistan
Date
2/19/2024 8:07:12 AM
(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, February 19. Russian
CloudPayments payment service is going to suspend working in
Uzbekistan, Trend reports.
According to the service, CloudPayments is forced to cease
operating in Uzbekistan due to changing market conditions from
March 18.
CloudPayments' online acquiring service was established in 2014.
It provides customers with the ability to connect fast online
payments from Visa, Mastercard and MIR cards to websites and apps,
as well as payment by LINK or via QR codes.
In 2017, TCS Group Holding (which includes Tinkoff Bank)
acquired a controlling 55 percent stake in CloudPayments, paying
290 million rubles ($3.1 million) for it. The service continued to
operate under its own brand.
The founders of the service, Dmitry Spiridonov and Konstantin
Yan, sold another 35 percent to Tinkoff in 2019. Konstantin Yan
later transferred the remaining 5 percent to the company, and
Dmitry Spiridonov became deputy chairman of Tinkoff.
In the spring of 2022, CloudPayments applied to register its
trademark in Uzbekistan. Among the categories of activity were cash
registers, billing, money transfers, and authentication of
customers in e-commerce.
Uzbekistan's payment services suspended foreign money transfer
services in September 2023. Later, the Central Bank of Uzbekistan
reported that the suspension was aimed at protecting the country's
financial system. According to the bank, the participation of
payment services in cross-border transfer operations does not
comply with Uzbek law.
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