Tashkent, Uzbekistan (UzDaily.uz) — The volume of cashless payments made by bank cards in Uzbekistan reached about 72% of nominal GDP in 2025, up from roughly 25% in 2021, according to a study of the payment organizations market prepared by KPMG in Uzbekistan at the request of and with informational support from the Central Bank.
The study covers macroeconomic conditions, the development of cashless payments, regulatory changes and a comparison of the largest market players. According to its authors, Uzbekistan is among the regional leaders by the share of card-based cashless payments in GDP. The only higher figure is recorded in Kazakhstan, at about 121%.
Between 2021 and 2025, the volume of bank card transactions increased from 297 trillion soums to 1,493 trillion soums, growing by an average of 50% per year. The share of cashless payments in the structure of card transactions rose from 68% to 81% over the same period, while the share of cash withdrawals declined from 32% to 19%.
Payment organizations have also rapidly increased their transaction volumes, although mobile banking applications are becoming the main channel for digital payments. In 2025, transactions worth 412 trillion soums were processed through payment organizations, compared with 646 trillion soums through banking applications. In 2021, the corresponding figures were 53 trillion and 58 trillion soums.
The authors attribute the growth of banking applications to expanded functionality and the development of ecosystems. For payment organizations, 82% of turnover comes from person-to-person transfers and other cashless payments.
Paynet was the largest player by payment transaction volume in 2025, processing 142 trillion soums across 988 million transactions. KPMG estimates that the company’s leading position is supported by integrations with other platforms and its work with cash.
Click processed transactions worth 106 trillion soums, while Payme handled 85 trillion soums. Click has the largest user base among payment organizations, with more than 22 million registered users and more than 5 million monthly active users, as well as about 49,500 connected merchants.
The top 10 also included Alif Tech, Beelab, Solutions Lab, Tezpay, Plum Technologies, Quick Payments Solution and National Pay. Tezpay and National Pay had the highest average transaction values, with both specializing in transfers from Russia.
The Central Bank’s registry lists 51 payment organizations in total. Their services cover P2P transfers, acquiring, international money transfers and other areas.
According to KPMG, tighter regulatory requirements are creating a trend toward consolidation in the market. Since 1 July 2024, payment organizations have been required to operate as joint-stock companies, while from 1 July 2025 their minimum authorized capital increased from 10 billion to 20 billion soums.
From 22 April 2026, remote financial services must comply with strengthened cybersecurity and anti-fraud requirements, including identification, OTP controls, biometrics and transaction monitoring.
Since 1 April 2026, a range of payments, including those for government and utility services, fuel, alcohol and tobacco, as well as purchases exceeding 400 basic calculated values, must be made only by card or through electronic payment systems. By 2030, the share of cashless payments in trade and services is expected to reach 75%.
To support this transition, the Central Bank is introducing the unified UzQR code, which legal entities have been required to accept since 1 July 2026.
A separate section of the study examines Brazil’s Pix instant payment system, created by the country’s central bank. The authors believe Uzbekistan is beginning a similar transformation from a stronger starting position than Brazil had before Pix was launched, and that UzQR could become the foundation for a unified payment infrastructure.
In their assessment, a transition to such a model could increase pressure on market leaders’ revenues from P2P transfers and acquiring and shift competition toward ecosystems, lending, B2B payments and loyalty programmes.
According to the authors, macroeconomic factors will also support market growth. The country’s population could reach about 40 million by 2030, nominal GDP grew by an average of 16% annually in 2021-2025, and mobile communications cover 97% of the population.
