Octobank Named Best E-commerce Acquirer of 2024 by Visa

Octobank was named a leader in acquiring services for 2024, receiving the Best e-com Acquirer award at the prestigious Game Changers Visa Awards 2024 ceremony. This recognition is the result of a record number of transactions successfully processed by the bank in the e-commerce sector over the past year.

— “Octobank is one of the leading banks in acquiring and e-commerce, actively advancing technologies to enhance the quality and security of financial transactions. The bank’s focus on digitization and the introduction of innovative technologies allows our clients to manage their finances from anywhere in the world. We adhere to the principles of simplicity and transparency, acting as an ‘honest’ bank: offering clear products with transparent pricing, free from hidden services,” noted Iskandar Bakhthinurovich Tursunov, Chairman of the Board at Octobank.

In a report by the Center for Economic and Innovation Research (CEIR) on bank activity indices, published for the second quarter of 2024, Octobank rose from 6th to 4th place, reaffirming its growing role and influence in the banking market.

The Prestige of the Game Changers Visa Awards

The Game Changers Visa Awards is an annual event organized by the international payment system Visa, recognizing leaders and innovators in the financial market. In 2024, leading payment organizations, banks, and financial institutions of Uzbekistan participated in the competition. The Best e-com Acquirer award acknowledges achievements in e-commerce acquiring, including criteria such as transaction volume, security level, customer convenience, and service innovations.

— “Being recognized at such a high level is not only a great honor but also a motivation for further development. We are proud that our contribution to the development of e-commerce has been duly appreciated,” said Gaibullahon Khashimov, Acting Director of the E-commerce Department at Octobank.

Innovative Solutions for Retailers

One of the reasons behind Octobank’s success is its innovative products and services for retailers. The bank offers integrated acquiring solutions that make the transaction processing fast, secure, and convenient for all participants.

Key technologies include:

• Secure gateways for online transactions, ensuring customer data protection and minimizing fraud risks.
• Card tokenization, which maintains customer data confidentiality and reduces risks during recurring payments.
• User-friendly refund and hold mechanisms, enhancing customer loyalty by reducing wait times and simplifying business interactions.
• Detailed transaction analytics available to Octobank clients, helping retailers analyze customer behavior, optimize processes, and improve user experience.

Client Success Stories

Over the past year, hundreds of companies entrusted their acquiring operations to Octobank, valuing its high reliability and speed in processing payments. Among the bank’s clients are major international e-commerce companies that report significant benefits from Octobank’s solutions:

• A 25% increase in online sales;
• A 15% reduction in transaction rejections, thanks to tokenization;
• Enhanced customer loyalty due to convenient refund mechanisms.

Large e-commerce and retail market representatives, both local and international, are among Octobank’s major clients.

— “We chose Octobank as a partner based on five criteria: seamless integration with our system, fast payment processing, competitive tariffs, support for Visa and Mastercard payments, and high-quality customer service. Overall, we rate our partnership with the bank as effective and reliable,” said Asadbek Shodiev, Manager of the flower marketplace “Buchet.”

— “We’ve been working with Octobank since the launch of our business, focusing primarily on secure digital transactions. The bank offered one of the most secure platforms for online payments. Another decisive factor was the wide range of international payment methods provided by the bank, which significantly boosted our global sales. We also appreciated their integration and competitive tariffs. If we highlight the key criteria, Octobank is reliable, operationally efficient, offers convenient payment options for our customers, and provides high transaction security,” noted Khurshed Sadulloev, Director of “Globbing,” an international online shopping platform for goods from the U.S. and China.

Collaboration with Visa and Other Partners

Partnership with the international payment system Visa plays a key role in Octobank’s success. As part of this collaboration, the bank actively integrates Visa’s advanced technologies, ensuring maximum convenience for users. This includes accepting payments from cards issued by foreign banks, opening new opportunities for expanding acquiring services internationally.

Looking Ahead

In 2025, Octobank plans to focus on:

• Expanding acquiring operations to meet the growing needs of businesses;
• Supporting small and medium-sized businesses with special programs aimed at reducing transaction fees.

— “We are confident that the future of e-commerce belongs to those who are ready to innovate and stay close to their customers,” emphasized Gaibullahon Khashimov. “Octobank will continue to support businesses and implement solutions that make acquiring simpler and more accessible for everyone.”

Recognition as a Growth Point

The Best e-com Acquirer 2024 award is not just a confirmation of Octobank’s leadership but also a demonstration of how innovation can transform the market.

The bank’s team is poised for further growth and ready to face the challenges of the dynamic e-commerce world.