Mastercard Eyes Surge in Cashless Payments in Uzbekistan
Uzbekistan has «significant potential» to grow digital payments, with cashless transactions now about 43% of total payments (38% in 2023; 41% in 2024), Mastercard General Manager Denis Filippov told Trend in an exclusive interview.
Filippov said a young population (average age 29), high mobile and internet penetration, and a fast-developing fintech sector position the country for a mature digital economy. Mastercard is backing the shift with new card services and financial-literacy programs, over 1,400 entrepreneurs trained via its e-commerce school, and free online courses on card use and cybersecurity.
He flagged challenges of cybersecurity, financial literacy and infrastructure, noting Mastercard systems monitor ~32 mln risk incidents daily. Rural coverage gaps and limited POS terminals still hinder uptake.
Recent projects include the digitalisation of 12K small businesses in early 2025 with software to accept smartphone payments; the launch of Swoo Pay (National Bank of Uzbekistan + Mastercard) turning Android phones into offline-capable wallets; a Paynet + Asaka Bank solution to top up any bank’s Mastercard via info-kiosks; and expansion of Paysend cross-border transfers to local-card payouts. Mastercard also introduced Uzbekistan’s first virtual BNPL product, the ZOOD Card (with ZOOD and Ipak Yuli Bank), offering instalments up to 12 payments for online and offline purchases.
Looking ahead, Mastercard plans to broaden digital wallets, P2P transfers and mobile payments, with a focus on e-commerce and young, digital-first users.
