Mastercard Sees Strong Momentum for Cashless Growth in Uzbekistan — Digital Payments near half of all Transactions
BAKU, Azerbaijan, November 3 — Uzbekistan is poised for a major leap in digital payments, with cashless transactions now accounting for about 43 percent of total payments, up from 38 percent in 2023 and 41 percent in 2024, according to Denis Filippov, General Manager of Mastercard for Central Asia.
In an exclusive interview with Trend, Filippov said the steady rise highlights the country’s growing embrace of payment digitalization and its potential to develop into a mature digital economy.
“Uzbekistan has a young population — the average age is just 29 — along with high mobile and internet penetration and a rapidly evolving fintech sector. Together, these factors create ideal conditions for accelerating the transition to a cashless economy,” he noted.
Mastercard has been at the forefront of this shift, supporting local banks in launching new cards and payment services while also leading educational initiatives aimed at boosting financial literacy and trust in digital tools. Over 1,400 entrepreneurs have completed free training through the Mastercard E-Commerce School, and one of its partner platforms now provides free online courses on topics such as safe card use and cybersecurity.
Filippov stressed that the rise of cashless payments is driven by multiple interconnected factors:
- Government support: The Central Bank of Uzbekistan is actively driving digital reforms and supporting local payment systems.
- Technological development: Banks are introducing user-friendly mobile apps and online services.
- Consumer habits: Although progress is clear, cash remains favored by some citizens due to habit, trust issues, or tax concerns.
- Financial literacy and accessibility: Ongoing education and improved access to banking services are key to changing payment behavior.
Mastercard, present in Uzbekistan for more than 20 years, opened its first representative office in Tashkent on May 16, 2023, marking a strategic step to strengthen the country’s digital transaction ecosystem and advance financial inclusion.
Filippov concluded that as reforms deepen and consumer confidence grows, Uzbekistan is set to become one of the region’s leading examples of successful payment digitalization.
