Visa has taken a significant step in expanding its presence in Uzbekistan by opening an official office in Tashkent. Over more than 30 years, the company has become an integral part of the country's financial landscape, earning a reputation as a reliable partner.
Behzod Abdurakhmanov, Visa's regional manager in Uzbekistan, discussed the company's achievements in 2024, its priorities, and the fintech trends that will shape its future plans.
Behzod, what milestones did 2024 mark for Visa in Uzbekistan? What key achievements would you highlight in the company's operations?
The year 2024 has been significant for Visa in Uzbekistan, and we are proud to note several key achievements that reflect the company's growth and development in the market. In recent years, the volume of payments made with Visa cards in the country has increased exponentially, a trend that continued in 2024.
For instance, last year, the total number of transactions grew by 1.5 times, while the volume of local payments nearly doubled, demonstrating a steady rise in demand for cashless transactions.
We also observed positive dynamics within the country among premium cardholders: the number of transactions using premium cards tripled, and the metrics for Visa Infinite cards nearly doubled.
Furthermore, one of the most noticeable trends of the year has been the growth in the small and medium-sized business segment. The total volume of payments made with business cards increased almost threefold, while domestic payments surged by more than 30 times.
We also see consistent year-on-year growth in public transport, where the number of transactions has grown by nearly 1.5 times.
Transfers via Visa Direct have doubled, and already 17 banks in the country have launched this service, which is also available in the Payme app, allowing users to transfer funds from any card to Visa cards issued in Uzbekistan.
Overall, I want to highlight the growing popularity of Visa cards in sums. The number of banks and fintech companies launching their flagship products on Visa in sums has significantly increased.
It is important to note the phenomenal launch of Uzum Bank's issuance, which released over 700,000 Visa cards in sums in just a few months. Additionally, there was a large-scale campaign promoting Visa products in sums by "Ipak Yuli" bank.
All this indicates that the population of Uzbekistan has begun to view the Visa card as a payment tool both within the country and abroad.
One of the standout events of last year was the Futsal World Championship held in Uzbekistan. Why was it important for Visa to support this event, and were there any privileges for cardholders?
Last year was significant not only for our company but also for the country. The FIFA Futsal World Cup became one of the major sporting events. For the first time in over 35 years, the tournament took place in Uzbekistan, uniting the best players from around the world, dedicated fans, and entire communities inspired by a love for futsal.
We proudly became a partner of this event, as one of our global goals is to support and promote sports. Visa cardholders had the exclusive opportunity to purchase tickets for the matches held in the stadiums of Tashkent, Bukhara, and Andijan before the official sales began.
Additionally, we actively collaborated with partners to enhance the experience for sports enthusiasts. Together with Orient Finans Bank, we organized special activities for the final matches, offering unique prizes and unforgettable experiences for the winners.
I want to highlight that this year Visa also expanded its partnership with the Asian Football Confederation (AFC)—our cardholders will gain exclusive opportunities and activations across Asia, including qualifying matches for the FIFA World Cup 2026 featuring the Uzbekistan national team.
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The championship became a factor in attracting tourists to the country. Overall, more than 8 million tourists visited Uzbekistan last year. What tourism projects is Visa implementing in the country? Do you have specific services for travelers?
Tourism is an important trend for the development of our country's economy. The number of travelers on cross-border routes is rapidly increasing. At Visa, we monitor tourist flows and prioritize tourism as one of our key focuses.
Since last year, we have been the official partner of the Amirsoy Resort ski resort. Thanks to this partnership, holders of premium Visa cards receive a 10% discount on ski passes, accommodation, restaurants, and other activities.
Additionally, to support the development of domestic and inbound tourism, we launched a promotion offering a 20% discount on visits to tourist attractions in Samarkand when paying online with Visa cards on the iTicket.uz website.
If we talk about important projects aimed at enhancing traveler comfort, on October 1, we launched the Visa Airport Companion app, which connects 1,200 lounges in airports across 140 countries. The app serves as a digital guide for travelers with premium Visa cards during their trips.
Such cards come with a range of privileges, including free access to CIP lounges in the international airports of Tashkent and Samarkand, baggage packing, taxis from the airport to any point in the city, and much more.
We are continually working to expand the list of privileges. This year, we launched a free Fast Track service at Tashkent International Airport, allowing premium cardholders to save significant time during their travels.
Let’s talk about the financial market. What changes do you observe in Uzbekistan's payment market?
We see that interest in installment and credit cards is growing in Uzbekistan—the number of banks launching such products based on Visa cards has significantly increased.
This is partly due to the accessibility and speed of obtaining the product, as well as the absence of interest or a grace period. Additionally, Visa cards are accepted at all terminals throughout the country.
1Another trend is the payment for goods and services through digital devices without presenting a physical card. There are several types of such operations, with one of the most popular methods globally being tokenized payments.
To facilitate purchases through tokenization, we developed the Visa Token Service technology, which replaces sensitive payment card information with a unique digital identifier—a token. This technology has already been adopted by five banks in our country, with four more expected to launch soon.
Also, just recently, in partnership with Swoo, we announced the launch of the SwooPay digital wallet. This is one of the first universal solutions in Uzbekistan, enabling banks to digitize Visa cards in mobile applications and provide their clients with a modern payment method. Tenge Bank was the first to integrate this solution in the country in partnership with Visa.
I cannot overlook the trend aimed at implementing and improving security and control systems for card transactions. Issuers and acquirers are taking this matter very seriously and are adopting modern and effective solutions to combat fraud and cyberattacks.
In recent years, local banks and fintechs have launched a series of innovative Visa solutions to minimize fraud risks.
Among them are the Cybersource platform and Visa Risk Manager. The first allows for managing payments and fraud protection strategies in one place. The second offers tools to combat cyber threats and enhances banks' profitability through automatic transaction monitoring. The National Bank of Uzbekistan has implemented both solutions and is successfully using them to ensure cybersecurity.
Do you believe these trends are reflected on a global level? What other global payment trends can you highlight?
All these trends are relevant not only for our country but also worldwide. One of the key global trends is the growing role of artificial intelligence. It helps to more effectively detect fraud by analyzing transactions in real-time.
For over 30 years, Visa has been at the forefront of using AI in the payments sector. In just the last 10 years, we have invested $3.3 billion in developing such solutions and continue to do so.
Another important trend is the increasing influence of "Generation Z" on the financial industry. Young consumers prefer to manage their finances through mobile applications, and three out of ten make purchases through social media. We strive to help banks and fintech companies create innovative products that meet the expectations of this active and promising audience.
Tell us about your team's work in Uzbekistan and the company's plans.
Last year was significant not only due to the advancement of technology and the expansion of our partner network but also because of the strengthening of our team.
The main asset of our company is its people. With the opening of Visa's physical office in Tashkent, we established a team of professionals working in various areas, including consulting and product development. Each of them possesses immense experience in their field.