BAKU, Azerbaijan, November 3. Uzbekistan has
significant potential for further growth in cashless payments,
Denis Filippov, General Manager of Mastercard, told Trend.
“Currently, the share of cashless transactions accounts for
about 43 percent of total payments (38 percent in 2023 and 41
percent in 2024), meaning the country is demonstrating a steady
trend in payment digitalization,” he stated.
According to Filippov, a combination of factors such as a young
population with an average age of 29, a high level of mobile and
internet penetration, as well as an actively developing fintech
sector, creates favorable conditions for Uzbekistan to transition
to a developed digital economy.
“Mastercard actively supports this process, implementing not
only the launch of new cards and services in the country’s banks
but also educational initiatives. We cooperate with partners to
improve financial literacy among the population, expand access to
modern payment technologies, and strengthen trust in cashless
instruments,” the general manager added.
He also mentioned that more than 1,400 entrepreneurs have
received free training at the Mastercard e-commerce school, and one
of the company’s partner platforms now offers free online courses
covering the basics of using bank cards and cybersecurity
issues.
According to Filippov, the development of cashless payments in
any country, like the transformation of consumer habits in general,
is the result of a whole set of interconnected factors.
“In Uzbekistan, I would highlight several key factors that
contribute to the sustainable growth of cashless transactions,” he
emphasized:
-
Government support. The Central Bank of Uzbekistan actively
promotes digitalization through reforms and support for local
payment systems. -
Development of banking technologies. Leading banks offer
increasingly convenient mobile applications and online
services. -
Consumer habits. Despite notable progress, many residents of the
country still prefer cash due to habit, distrust, or tax
considerations. -
Financial literacy and accessibility. Educational initiatives
and expanding access to banking services play a key role in
changing consumer behavior.
Mastercard has been entrenched in the Uzbekistan market for over
two decades; however, it formally inaugurated a representative
office within the jurisdiction on May 16, 2023. The inauguration of
this tangible workspace in Tashkent signifies a strategic
initiative to enhance and bolster the ecosystem of digital
transactions and promote financial inclusivity within
Uzbekistan.
