PAYMENT SYSTEM IN THE CONTEXT OF MODERNIZATION OF THE ECONOMY IN UZBEKISTAN AND THE APPLICATION OF WORLD EXPERIENCE ON IT

Abstract

In the economic literature, views on the payment system and its improvement differ significantly. In the works of A.S.Neshitoy, E.F. Zhukov, VP Polyakov and a number of other economists, it is understood that cashless payments are made by transferring money through bank accounts and on the basis of mutual waiver. For example, according to E. Zhukov, "non-cash settlements are settlements that are carried out without the use of cash, by transferring money to the accounts of credit institutions and waiving mutual claims."1 . It is clear from this definition that E. Zhukov distinguishes two aspects of cashless settlements: the transfer of funds through accounts opened in credit institutions and the waiver of mutual claims. In our opinion, this definition is specific to the practice of transition economies (Russia, Uzbekistan, Kazakhstan, Ukraine, etc.)