Payme, the payment service, reported an annual revenue of approximately $27 mn for 2023, according to the preliminary annual report of its owner, TBC Group, Spot.uz reported. This is a significant increase from the previous year’s revenue of $19.4 mn, marking a growth rate of about 39% over twelve months.
The net profit for the year was $17.1 mn, a substantial increase of 35.3% from the previous year. However, the quarterly net profit did not surpass the peak achieved in the fourth quarter of 2022 ($4.85 mn).
Transaction volume
Despite minor decreases in the first and third quarters, the total volume of transactions processed through the application increased by 29%, reaching $3.6 bn. The last quarter saw a peak in transaction volume, with transactions totaling nearly $1 bn.
Of the total transaction volume, three-quarters were accounted for by transactions between individual cards (P2P transfers). Another 20% was attributed to payment for services, with the remaining volume covering payments for housing, communal services, and other needs.
The number of registered Payme users grew by 3.4 mn over the year, reaching a total of 11.6 mn. Of these, 3.3 mn (+30%) use the application to make payments at least once a month, and 1.2 mn (+25%) use it daily.
Since May of 2023, Payme has been fully owned by TBC Group. By the end of the year, the group’s profit in Uzbekistan reached $22.4mn, accounting for 5.2% of its total income $433.45mn.
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