BAKU, Azerbaijan, October 14. Uzbekistan has significant potential for further growth in cashless payments, Denis Filippov, General Manager of Mastercard, told Trend in an exclusive interview.
"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.
However, according to the General Manager, the main obstacles to Uzbekistan’s integration into the global payment ecosystem remain cybersecurity issues, lack of financial literacy, and infrastructure limitations.
“The constant growth in the volume of digital transactions and the steady rise in cybercrime require the implementation of the most advanced protection systems. Our cybersecurity and identification systems monitor around 32 million incidents daily, related to various risks. The operation of these systems is largely based on artificial intelligence,” said Denis Filippov.
He noted that Mastercard is committed to creating a safe and inclusive digital future by using cutting-edge technologies and services that ensure the cybersecurity of banks as well as financial and non-financial organizations.
Filippov also emphasized the importance of improving financial literacy: “Many users, especially in the regions, still do not fully understand the benefits and mechanisms of digital payments, which limits their active use of new services.”
Regarding infrastructure challenges, Denis Filippov pointed out: “In rural areas of Uzbekistan, there is still a lack of stable internet connection and a limited number of POS terminals, which complicates the adoption of digital payments.”
To address these issues, Mastercard actively collaborates with regulators, banks, and fintech companies to develop digital infrastructure and implement modern payment security technologies and standards.
“For example, at the beginning of 2025, a project to digitalize small businesses was launched in Uzbekistan, under which 12,000 small enterprises received free access to software for accepting payments via smartphones. This has become a significant support for self-employed individuals and small businesses, especially in remote rural areas with low internet coverage,” he added.
“This project is being implemented as part of Mastercard’s global Strive initiative, which supports over 10 million small businesses worldwide by providing them access to capital, markets, and digital solutions,” he noted.
Filippov also revealed several key projects implemented by the company in the local market:
“Recently, Mastercard launched the first virtual Buy Now, Pay Later (BNPL) product in Uzbekistan—the ZOOD Card, created in partnership with the fintech platform ZOOD and Ipak Yuli Bank. The card allows purchases in installments up to 12 payments, both in online stores such as Amazon, eBay, Alibaba, and in offline locations,” he reported.
Speaking about development prospects, Denis Filippov noted: “In the near future, we plan to expand our offerings in the areas of digital wallets, P2P transfers, and mobile payments — especially in the e-commerce segment — as well as services tailored for young and digitally active consumers.”
He also reminded about the launch of the Swoo Pay payment service in February 2025, implemented by the National Bank of Uzbekistan in partnership with Mastercard:
“The application turns an Android smartphone into a secure digital wallet, eliminating the need to carry plastic cards. Payments can be made directly via smartphone — even without an internet connection.”
Filippov emphasized that Mastercard is focused on developing solutions that are relevant and practical for the local market.
“We are working on use cases that are both current and relevant. For example, considering the still significant share of cash in Uzbekistan’s economy, we recently launched a solution together with Paynet and Asaka Bank that enables users to top up Mastercard cards of any bank through Paynet’s network of info-kiosks. We also place strong emphasis on domestic transfers for individuals and various business cases. Our goal is to provide convenient, fast, and secure solutions for all segments of the market,'' general manager added.
He also provided examples of cross-border initiatives: “In particular, the Paysend payment platform has expanded its cross-border transfer capabilities, including direct payouts to cards of local payment systems. This helps simplify and speed up money transfers from over 170 countries, including regions in Central Asia and the Middle East. Mastercard supports such initiatives by providing the technological infrastructure and partnership solutions that promote financial integration across the region.”