The Central Bank of the Republic of Uzbekistan has provided an official explanation regarding the addition of a "transfer purpose" list in person-to-person (P2P) money transfers. The regulator noted that the implementation of this function by commercial banks and payment services is not mandatory but voluntary.
According to the regulator, this innovation serves to promote healthy competition between online platforms, allow bank and fintech services to offer new features, and improve the overall user experience.
Furthermore, it is mentioned that the function will be improved based on feedback received regarding interface and convenience. The conclusion is simple: if the "transfer purpose" option appears in your app, it is the bank's own initiative. Currently, there is no mandatory requirement for this feature.
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