Cashless Payment Adoption Remains Low Among Uzbek Small Businesses

Tashkent, Uzbekistan (UzDaily.uz) — The acceptance of cashless payments has not yet become a widespread practice among small and medium-sized enterprises (SMEs) in Uzbekistan, with the payment service availability index for this segment scoring just 19 points out of 100, according to findings from the Central Bank of Uzbekistan's pilot financial inclusion index.

The score represents the lowest result across all categories evaluated in the report. By comparison, credit product availability for SMEs scored 50 points, while savings product availability scored 44 points out of 100.

The 31-point gap between credit accessibility and payment services indicates that having a bank account or credit history does not guarantee that a business can conveniently accept cashless payments or manage cash flows remotely, the regulator noted. The low overall score was further influenced by a low prevalence of registered electronic wallets per business entity.

The Central Bank emphasized that digital payment acceptance serves as a key link between daily commercial activities and credit opportunities. Cashless revenues and expenditures generate a verified turnover history, enabling financial institutions to assess credit risk more accurately.

Conversely, limited cashless turnover reduces the availability of real-time financial data for lenders, forcing financial institutions to rely more heavily on collateral requirements and established credit histories when evaluating business creditworthiness.

To resolve these barriers, the regulator outlined priorities including the creation of a unified digital financial pathway for businesses—combining accounts, corporate cards, payment acceptance, turnover tracking, and financing into a single service—alongside expanding embedded finance solutions within daily business operations.