Acquiring Services in Uzbekistan: Which Banks Offer the Best Solutions for Retail and E-Commerce — Octobank, IpakYo‘li Bank, Orient Finans Bank, and Aloqabank
Over the past several years, Uzbekistan has become one of the most dynamically developing financial markets in Central Asia. The country is actively digitalising its payment infrastructure, expanding e-commerce and encouraging businesses to transition to cashless payments. These developments are attracting attention to the Uzbek banking sector both domestically and internationally.
For banks, fintech companies, payment service providers and entrepreneurs from the CIS and the European Union, the development of acquiring solutions in Uzbekistan is of practical interest. Many of the technological approaches currently being introduced by Uzbek banksincluding API integrations, SoftPOS, QR payments, remote merchant onboarding services and e-commerce toolsreflect broader trends in the regional payments market. Comparing these solutions makes it possible to assess which models are proving most relevant amid the rapid growth of the digital economy.
Uzbekistan is also becoming an increasingly prominent participant in the international e-commerce and cross-border payments market. For foreign companies considering entering the country, as well as for digital service providers and investors, understanding the capabilities of the local payment infrastructure is becoming an important element in assessing the business environment.
For this reason, a comparative analysis of the acquiring solutions offered by Uzbekistan’s major banks is relevant not only as a review of individual banking products, but also as a study of the direction in which one of the region’s fastest-transforming financial systems is developing.
The growth of cashless payments is changing not only consumer behaviour but also the requirements businesses place on banking services. For a shop, restaurant, delivery service or online platform, acquiring is no longer limited to installing a POS terminal. Modern payment infrastructure must support multiple sales channels, integrate quickly with websites and mobile applications, process refunds and recurring payments, generate reports, protect bank card data and enable entrepreneurs to monitor transactions through a convenient digital interface.
Banks operating in the Uzbek market are developing acquiring services according to different models. Some focus on international e-commerce and technological integration through APIs. Others are building universal infrastructures that include POS terminals, QR payments, SoftPOS and payment links. Certain market participants have strong expertise in international card acquiring, while others primarily focus on traditional retail and the corporate sector.
The comparative analysis covers four banks: Octobank, IpakYo‘li Bank, Orient Finans Bank and Aloqabank. They were selected because each represents a distinct payment infrastructure model: online acquiring for e-commerce, omnichannel business services, international card acquiring and a traditional terminal network.
The study is based on information published by the banks on their official websites, in product documentation, fee schedules and press releases. It is important to note that banks disclose information with varying levels of detail. Therefore, the absence of publicly available information about a particular feature does not necessarily mean that the feature is not technically available. However, the comparison includes only those capabilities that can be confirmed through publicly available sources. The study was conducted using open-source data available as of July 2026.*
Research Methodology
The following parameters were assessed as part of the comparative analysis:
Development of Online Acquiring
- website integration;
- mobile payments;
- APIs;
- SDKs;
- CMS modules.
Merchant Acquiring
- POS terminals;
- support for international cards;
- service costs;
- onboarding time.
Innovative Payment Solutions
- SoftPOS;
- QR payments;
- payment links;
- NFC.
Functionality
- refunds;
- partial refunds;
- payment holds;
- recurring payments;
- analytics.
Security
- PCI DSS;
- 3-D Secure;
- tokenisation.
Infrastructure
- onboarding speed;
- digital merchant portal;
- business integration.
This approach makes it possible to assess the maturity of a bank’s payment infrastructure rather than the size of the bank itself.
Octobank: A Technology Ecosystem for E-Commerce
Today, Octobank is one of the most technologically advanced participants in Uzbekistan’s online acquiring market. Unlike the traditional banking model, the bank primarily focuses on developing digital infrastructure for e-commerce, mobile applications, online services and digital businesses.
A key feature of the solution is its comprehensive approach to online payments, under which acquiring becomes part of the business’s broader digital environment.
Online Acquiring
According to its official website, the bank offers online acquiring for accepting payments made using:
- Visa;
- Mastercard;
- Uzcard;
- HUMO.
Integration is carried out through an open API, allowing the payment service to be connected to virtually any website or mobile application. Developers are provided with technical documentation and solutions for websites built using popular content management systems.
APIs and Integration
One of the key advantages of Octobank’s online acquiring service is its advanced API infrastructure, which is designed for integration with businesses’ digital services.
Advanced Functionality
Octobank is among the banks that publicly disclose not only the basic capabilities of online acquiring but also advanced functionality for e-commerce.
Analytics
Once online acquiring has been activated, the entrepreneur receives access to an Octobank merchant portal. According to the bank’s official description, the portal can be used to view customer payments and transactions and monitor incoming transactions in real time.
The bank also states that it provides transaction statistics that businesses can use to analyse sales and assess payment activity.
Security
Particular attention is given to payment security.
The bank’s published documentation refers to the use of:
- PCI DSS;
- SSL;
- 3-D Secure;
- tokenisation.
The use of these mechanisms is consistent with generally accepted international practices for securing electronic payments and protecting cardholder data.
International Recognition
Based on its 2024 results, Octobank received a Visa award in the Best Acquirer in E-Commerce category. The award reflects the bank’s achievements in developing digital payment services and online acquiring.
The bank is also continuing to develop the international component of its payment infrastructure. During PLUS Forum Digital Uzbekistan, Octobank representatives announced the development of solutions for international payments and transfers using Alipay and WeChat Pay.
IpakYo‘li Bank: Universal Omnichannel Infrastructure
Unlike banks that primarily specialise in online acquiring, IpakYo‘li Bank is developing its acquiring infrastructure according to an omnichannel model that combines payment acceptance solutions across multiple sales channels.
The bank offers several payment acceptance methods:
- POS terminals;
- online acquiring;
- a unified QR code;
- payment links;
- a SoftPOS mobile terminal.
Online Acquiring
IpakYo‘li Bank offers online acquiring for accepting payments through:
- websites;
- mobile applications;
- Telegram bots.
The service supports payments made using:
- Visa;
- Mastercard;
- Uzcard;
- HUMO.
SoftPOS
One of IpakYo‘li Bank’s modern solutions is the MARTA SoftPOS mobile terminal.
The service allows businesses to accept contactless payments directly through an NFC-enabled Android smartphone without using a separate POS terminal.
QR Payments
Another area of development within IpakYo‘li Bank’s acquiring infrastructure is the Unified QR service.
It allows businesses to accept cashless payments through mobile banking and payment applications without using a traditional POS terminal.
Businesses can use both static and dynamic QR codes and receive notifications of incoming payments through Telegram.
Payment Links
IpakYo‘li Bank offers a Payment Link service that allows businesses to accept payments remotely without creating their own online shop.
After generating a payment link, the entrepreneur can send it to the customer through any convenient communication channel. The customer can then follow the link and pay for the order using a bank card.
Terminal Infrastructure
According to published information, IpakYo‘li Bank’s infrastructure includes more than 20,000 POS terminals used by businesses operating in the retail and service sectors.
The bank provides merchant terminals without charging rental fees, allowing entrepreneurs to reduce the cost of accepting cashless payments.
Orient Finans Bank: Strong Positions in Merchant Acquiring and Contactless Payments
Orient Finans Bank has been developing its card acquiring business for many years and is one of the notable participants in this segment of the Uzbek market.
The bank primarily focuses on developing bank card acceptance infrastructure for retail and service businesses, as well as implementing modern contactless payment solutions.
Its acquiring products are designed for legal entities, individual entrepreneurs, retailers and service providers that need to accept cashless payments at physical points of sale.
Merchant Acquiring
Orient Finans Bank provides merchant terminals to legal entities and individual entrepreneurs for accepting cashless payments at physical points of sale.
International Card Infrastructure
Orient Finans Bank participates in major international payment systems, including:
- Visa;
- Mastercard;
- UnionPay International;
- JCB.
The bank is also certified under the international PCI DSS standard, which establishes requirements for protecting cardholder data and securely processing payment information.
MARTA and Tap to Phone Technology
One of Orient Finans Bank’s most notable projects was the introduction of the MARTA mobile terminal.
The solution is based on Visa Tap to Phone technology and allows an NFC-enabled Android smartphone to be used as a payment terminal for accepting contactless bank card payments.
International Recognition
Orient Finans Bank’s development in the acquiring sector has repeatedly been recognised by Visa.
According to the bank’s official announcements:
- based on its 2020 results, Orient Finans Bank was named the Largest Visa Acquirer in Uzbekistan;
- in 2024, the bank received the Best POS Acquirer award;
- in 2025, the bank was once again recognised by Visa for its development of acquiring services.
Aloqabank: A Traditional Corporate Acquiring Model
Aloqabank develops acquiring services as part of its comprehensive banking offering for corporate clients.
The bank primarily focuses on providing merchant terminals and developing acquiring services for legal entities and individual entrepreneurs within its corporate banking business.
Compared with several other participants in the study, the bank discloses less technical information about its acquiring products in publicly available sources. Nevertheless, the published materials make it possible to assess the basic parameters of its merchant acquiring service and its terms of connection.
Merchant Acquiring
Aloqabank provides merchant terminals to legal entities and individual entrepreneurs engaged in the sale of goods, performance of work or provision of services.
QR and NFC Payments
In addition to conventional bank card acceptance, Aloqabank supports modern cashless payment methods through its POS terminals.
Corporate Infrastructure
Aloqabank’s acquiring services form part of its broader product offering for corporate clients. In addition to merchant acquiring, legal entities and entrepreneurs can use other banking services.
Comparative Analysis
The study shows that the acquiring solutions offered by the banks under review are designed for different business models. Octobank provides the most detailed public disclosure of its online acquiring functionality. IpakYo‘li Bank combines multiple online and offline payment acceptance channels. Orient Finans Bank demonstrates advanced expertise in merchant and mobile POS acquiring, while Aloqabank offers terminal-based solutions as part of its corporate banking services.
When interpreting the table, it is important to note that the comparison is based exclusively on information published by the banks in publicly available sources. The phrase “not publicly confirmed” does not mean that a particular capability is unavailable. It only indicates that no detailed description of the capability was found in the official materials reviewed.
The table should therefore not be treated as a ranking of banks according to a single scale. Instead, it illustrates differences in publicly disclosed functionality and the specialisation of each bank’s acquiring solutions. Octobank stands out for its support of complex e-commerce scenarios, IpakYo‘li Bank for the breadth of its payment acceptance channels, Orient Finans Bank for merchant acquiring and Tap to Phone technology, and Aloqabank for terminal-based, QR and NFC solutions offered as part of its corporate banking services.
Overall Conclusion
The study shows that the development of acquiring services in Uzbekistan can no longer be assessed solely by the number of POS terminals or the size of the commission charged. Banks are gradually moving towards comprehensive payment platforms in which acquiring forms part of a broader digital business infrastructure.
Each of the banks considered occupies its own market niche and develops acquiring services in accordance with its business model and target audience.
Octobank primarily focuses on online acquiring and technology solutions for e-commerce. The availability of APIs, technical documentation, recurring payments, refunds, payment holds and modern security mechanisms makes it one of the most functionally advanced solutions for online retailers, mobile applications, digital services and companies operating under subscription-based models.
IpakYo‘li Bank is developing an omnichannel acquiring infrastructure that combines merchant acquiring, online payments, SoftPOS, QR codes and payment links. This approach allows the bank to serve businesses operating simultaneously through physical points of sale, online shops, mobile applications and other digital channels.
Orient Finans Bank demonstrates consistent development in the merchant acquiring segment. Its longstanding cooperation with international payment systems, implementation of Visa Tap to Phone technology, PCI DSS certification and professional Visa awards confirm the bank’s extensive experience in card payments and contactless technologies.
Aloqabank treats acquiring as one of the components of its corporate banking services. The bank offers merchant acquiring, support for Tez QR and NFC payments, and a broad range of corporate banking products for legal entities and individual entrepreneurs.
It would therefore be inaccurate to identify a single “best” acquiring bank in the market today. Each of the institutions reviewed is developing its own payment infrastructure model based on the needs of different customer groups and use cases. For digital platforms and e-commerce companies, APIs, payment automation and advanced online acquiring are particularly important. For traditional retailers, the key factors remain the reliability of terminal infrastructure, service costs and ease of onboarding. Businesses operating simultaneously in online and offline environments are increasingly adopting omnichannel solutions that combine multiple payment acceptance methods within a unified payment infrastructure.
The ability of banks to develop such integrated payment services will remain one of the key factors driving the further growth of e-commerce and the cashless economy in Uzbekistan.
Note. The study is based exclusively on information published by the banks in publicly available sources. The absence of a particular feature from this review means that no public description of the feature was available at the time the study was prepared. It does not indicate that the relevant capability is absent from the bank’s product offering.
The ranking was compiled by TDD (The Digital Department), an analytical agency specialising in international transparency and digital reputation metrics for banks across Eastern Europe and Central Asia.
