BC Card, Uzbekistan to connect payment network

South Korea's BC Card said on Monday that it signed a contract with Uzbekistan's state-run payment operator National Interbank Processing Center (NIPC), on August 23 in Tashkent, to connect the card payment networks between the two countries.

The two companies plan to develop infrastructure that will enable Uzbek nationals to withdraw cash from ATMs in South Korea using NIPC-branded cards without the need for currency exchange or remittance.

This development is expected to greatly enhance financial transactions for Uzbek workers and students residing in South Korea.

BC Card customers can conveniently make payments at merchants in Uzbekistan using their domestic-only cards.

NIPC, a state-run payment operator under the Central Bank of Uzbekistan, operates the local card brand HUMO and facilitates payment transactions for 32 local banks.

Write to Hyeong-Gyo Seo at seogyo@hankyung.com