Enhancing the Payment System in Uzbekistan

Purpose and aim of the study: To explore Uzbekistan's payment system and make suggestions for improving the payment system of Uzbekistan. Design / Methodology / Approach: The research employed the following methods: descriptive and logical construction were used for reviewing and analyzing research papers and other information sources, as well as for scientific discussion. The graphic method was applied to better represent and compare the research results. Main Findings: Modern payment systems are an important part of the global economy. The payment system in Uzbekistan is changing as a result of legislative changes and the growing use of digital payments. To reduce fraud and boost security in Uzbekistan's payment system, it is essential to use cutting-edge technology and strong legal frameworks. The integration of artificial intelligence in Uzbekistan's payment systems offers immense potential for improving fraud detection, transaction efficiency, and customer experience. Reducing cash circulation and promoting digital payments are critical for modernizing Uzbekistan's economy. Originality: The research makes strategic recommendations that should increase customer trust in Uzbekistan's financial services industry and promote economic development. By putting these policies in place, the financial services industry can become stronger and more inclusive, which will improve the economy's stability and vibrancy.Implications: The research provides a basis for further research on possibilities of improvement of payment systems.