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:
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Government support. The Central Bank of Uzbekistan actively promotes digitalization through reforms and support for local payment systems.
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Development of banking technologies. Leading banks offer increasingly convenient mobile applications and online services.
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Consumer habits. Despite notable progress, many residents of the country still prefer cash due to habit, distrust, or tax considerations.
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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.