• Sign in
  • 1744009905_435.svg 1744009905_642.svg

  • Latest news
  • Top headlines
  • Most read
  • Columnists
O'zbekcha
Ўзбекча
Русский
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • Latest news
  • Top headlines
  • Most read
  • Columnists
    • USD12654.13
    • RUB161.18
    • EUR14817.99
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +31°C
      • Andijan
      • Karshi
      • Bukhara
      • Samarkand
      • Ferghana
      • Sirdarya
      • Jizzakh
      • Termez
      • Namangan
      • Tashkent
      • Navoiy
      • Tashkent reg
      • Nukus
      • Urgench
    • Daryo
      • About Daryo
      • Editorial office
      • Contact us
      • Terms of use
      • Privacy policy
      • News archive
    • Advertisement
    • Social networks
      • Instagram | Main
      • Instagram | Lifestyle
      • Instagram | Sport
      • Facebook | Main
      • OK | Main
      • YouTube | Daryo
      • YouTube | Daryo in Russian
      • YouTube | Daryo Global
    Telegram Youtube Facebook Instagram Twitter vkontakte
    Daryo logo white
    • Uzbekistan
      • Others
      • Navoi
      • Tashkent region
      • Syrdarya
      • Jizzakh
      • Kashkadarya
      • Surkhandarya
      • Khorezm
      • Bukhara
      • Samarkand
      • Namangan
      • Fergana
      • Andijan
      • Karakalpakstan
      • Tashkent City
      • DaryoKindness
      • Weather
    • Central Asia
      • Uzbekistan
      • Afghanistan
      • Kyrgyzstan
      • Kazakhstan
      • Turkmenistan
      • Tajikistan
    • World
    • Money
      • Business
      • Economics
      • Finance
      • Crypto
    • Culture
      • Movies
      • Books
      • Music
      • Celebrities
    • Lifestyle
      • Women only
        • Children
        • Beauty
        • Carrier
        • Advises
        • Fashion
        • Recipes
      • Technology
        • Architecture
        • Gadjets
        • Science
        • Space
        • Media
      • Auto
      • Entertainment
      • Travel
      • Health
      • Education
        • Entrant
        • Learn english
    • Sport
      • Football
      • UFC
      • Boxing
    infinix
    Daryo.uz - Login
    Daryo.uz Daryo.uz
    Daryo.uz - Login
    Uzbekistan Money Economics

    Uzbekistan's financial technology market set to double by 2027

    Uzbekistan's financial technology market set to double by 2027

    The financial technology (fintech) sector in Uzbekistan is poised for exponential growth, with projections indicating a doubling of cash payments and transfers by 2027. A study conducted by KPMG Caucasus and Central Asia revealed significant advancements in non-cash payments, underlining the country's evolving fintech landscape.

    Photo: Projected non-cash pavments as a percentage of GDP
    Source: KPMG
    In 2022, non-cash payments and transfers accounted for approximately 58% of Uzbekistan's GDP, marking a substantial increase from previous years. The consumer retail lending market experienced a remarkable 66% cumulative annual growth from 2020 to 2023.
    Photo: Total value of P2P transactions is expected to increase by an
    average of 2.2 times with a 22% CAGR over 2023-2027
    Source: KPMG

    The turnover of non-cash transactions, including payments and money transfers facilitated by banks and payment organizations, amounted to $36.2 bn and $10.5 bn, respectively, in 2022. Projections suggest that by 2027, the total volume of non-cash transactions could range from $107 bn to $125 bn.

    Farrukh Abdullakhanov, a partner at KPMG Caucasus and Central Asia, emphasized the digitalization of various sectors as a priority for Uzbekistan's development until 2030. The burgeoning fintech sector has attracted considerable attention from both domestic and foreign investors, with a trend of market consolidation expected to continue in 2024 following the implementation of updated regulations for payment organizations.

    The study also examined the point-of-sale (POS) financing and installment financing markets, estimating a combined turnover (GMV) of $450 mn to $500 mn. By 2027, the POS financing and Buy Now, Pay Later (BNPL) market is forecasted to reach a turnover ranging from $1.5 bn to $2 bn, with an annual cumulative growth rate of 38% to 42%.

    Photo: Projected POS financing and BNPL market share in e-commerce
    Source: KPMG

    Vitaly Yakovlev, another partner at KPMG Caucasus and Central Asia, highlighted the increasing adoption of online installment services, particularly within the e-commerce segment. 

    "In the POS financing and installment plan market, more aggressive growth is expected in the online e-commerce segment, although historically installment payment is more popular and developed in the offline segment. We see that with the growth of e-commerce, consumers show more confidence in online installment services. In turn, market participants use their own scoring models based on machine learning, which make it possible to reduce the decision-making process on providing financing to 1 minute based on electronic data of the population available on government portals," Vitaly Yakovlev says.

    The study further noted a surge in investor interest in Uzbekistan's fintech market in recent years, underscoring the sector's potential for robust growth and innovation in the years ahead.

    Follow Daryo's official  Instagram  and  Twitter  pages to keep current on world news.

     
    01.05.2024, 23:41   Comments (0)   2560
    Facebook Twitter LinkedIn Telegram Email

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    Alif Group navigates global markets and AI integration for fintech triumph

    26.01.2024, 15:40

    CASE implements ARQA Technologies exchange platform on Tajikistan financial market  

    05.04.2024, 17:56

    Uzbekistan and Azerbaijan plan Intergovernmental Commission meeting

    01.05.2024, 22:55

    Uzbekistan and OPEC Fund for International Development sign $500mn agreement

    01.05.2024, 21:59
    ×Lightbox Image

    Daryo.uz | Solution to your problems


    Beeline Uzbekistan started 2025 with a significant network modernization


    Beepul 's rising popularity: 3.5x user growth, transaction up 2.3x in 2024


    Don't want to waste time standing in lines? Pay your utility bills through the Ipoteka Retail mobile app?


    More than 500,000 new users: residents of Uzbekistan choose the Hambi superapp

     

    Recommended

    Iran as the pressure point: How Washington’s campaign against Tehran seeks to undercut China and Russia - and why Central Asia risks the fallout

    19 June, 12:24

    "Visa simplification with Uzbekistan could be on the table," EU Ambassador Klaar points out

    11 June, 12:12

    “Uzbekistan is undergoing large-scale reforms and transformation,” says EU business leader at TIIF

    11 June, 08:34

    Central Bank warns half of monthly income goes to loans as debt burden rises in Uzbekistan

    3 June, 12:34
     
     
     

    Latest news

    “Kyrgyzstan’s president has been sleeping on a plane for three days,” says security chief

    Kyrgyzstan | 30 June, 17:58

    Kazakhstan’s investment rises 10% in 2024 as reforms, infrastructure push drive growth

    Kazakhstan | 30 June, 15:06

    Kyrgyzstan brings Dolon Avalanche station back to life with UNDP, Japan support

    Kyrgyzstan | 30 June, 14:00

    Uzbekistan ranks first in Central Asia for admissions to top global universities

    Uzbekistan | 30 June, 12:55

    Nearly 40% of Uzbekistan’s population has no savings, survey finds

    Uzbekistan | 30 June, 11:31

    Turkish company to invest in logistics infrastructure development in Kazakhstan

    Kazakhstan | 30 June, 10:40

    UNICEF and partners highlight success of Uzbekistan’s youth-led climate network

    Uzbekistan | 30 June, 09:13

    South Korea–Central Asia summit postponed to 2026

    Central Asia | 29 June, 16:00
    Daryo About Us

    Full reproduction or partial quoting of material, as well as the use of photographic, graphic, audio and/or video materials of Daryo (the Uzbek Press and Information Agency (UzAPI, now the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan) is registered on 13.03.2015 with certificate number No. 0944 as a mass media) is allowed if there is a hyperlink to the website daryo.uz and/or are accompanied by a note indicating the authorship of the online publication Daryo. Individual publications may contain information that is not intended for users under the age of 18. Info@daryo.uz

    Telegram Youtube Facebook Instagram Twitter vkontakte

    © Simple Networking Solutions, 2013–2025

    Age restriction

    Did you find a bug? Press Ctrl + Enter

    • Terms of use
    • Privacy policy
    • Advertisement
    What are we going to search for?

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Google

    or with email

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Register Now

    Already registered? Login.

    Google

    or with email

    A password will be e-mailed to you.

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Found an error in the text?

    ×

    Thank you. We have received your message and will fix the error as soon as possible.