Overview of payment organizations in Uzbekistan (at request of the Central Bank of Uzbekistan)

The KPMG team in Uzbekistan has prepared a study of the payment organization market at the request of, and with informational support from, the Central Bank of the Republic of Uzbekistan.

The study covers the macroeconomic context, trends in cashless payments, regulatory developments, and a comparative analysis of main market players.

Key highlights:

• Macroeconomic conditions support further growth of the payments market – the population is projected to reach approximately 40 million by 2030, nominal GDP grew at CAGR 16% in 2021–2025, and mobile penetration stands at 97% of the population;
• Uzbekistan is among the regional leaders in cashless card payments, which reached approximately 72% of nominal GDP in 2025, compared with approximately 25% in 2021;
• The share of cashless transactions in total card transactions increased from 68% to 81% in 2021–2025, while transaction volume grew at CAGR 50%.
• Payment organizations continue to grow, but mobile banking is becoming the primary channel, driven by its functionality and ecosystems – transactions through payment organizations totaled UZS 412 trillion in 2025, compared with UZS 646 trillion through banks’ mobile apps.
• 51 licensed payment organizations offer a range of services – from P2P transfers to acquiring and international money transfers.
• Tightening regulatory requirements are driving market consolidation – including the requirement to adopt the joint-stock company form, the increase in minimum charter capital from UZS 10 billion to UZS 20 billion, and stricter cybersecurity requirements.

To learn more, download the full study below.