BAKU, Azerbaijan,
August 5. Central Asia is accelerating its shift
toward digital payments, turning financial technology into a new
backbone of commerce, business and everyday transactions.
Over the past several years, countries across the region have
moved beyond standalone online banking services toward more
integrated digital financial ecosystems, where mobile apps, QR-code
payments, artificial intelligence, digital identity and
cross-border solutions are becoming essential components of the
financial system.
While the pace of development varies from country to country,
the overall direction is clear: digital payments are emerging as a
key pillar of the region's economic modernization. Kazakhstan is
scaling up its digital infrastructure, Uzbekistan is building
ecosystem-driven financial services, Kyrgyzstan has become one of
the region's fastest adopters of QR payments, Tajikistan is
connecting to global payment platforms, and Turkmenistan continues
to expand the foundations of its digital banking ecosystem.
Kazakhstan shifts from card payments to digital
infrastructure
Kazakhstan remains one of Central Asia's most advanced digital
payments markets. According to the National Bank of Kazakhstan,
83.6 million payment cards were in circulation as of July 1, 2026.
In June alone, transactions made with bank cards totaled 19.8
trillion tenge (approximately $42.09 billion), of which 17.4
trillion tenge ($36.9 billion) were cashless payments.
The number of cashless transactions rose by 7.2% year-on-year to
1.3 billion. Internet and mobile banking applications remain the
dominant payment channel, accounting for 79.5% of all cashless
transactions and 90.2% of their total value.
The next phase of Kazakhstan's digital payments strategy is the
rollout of a nationwide QR payment infrastructure. In July 2026,
the country launched a unified QR payment system, allowing
customers of different banks to use a single payment standard.
Since its launch, the platform has processed around one million
transactions. The National Bank says the system is designed not
only to support payments between consumers and businesses but also
to facilitate cross-border transactions and a broader range of
digital financial services in the future.
Deemah AlYahya, Secretary-General of the Digital Cooperation
Organization (DCO), told Trend in an exclusive interview that Kazakhstan is
steadily strengthening its position in the global digital
transformation and innovation landscape, emerging as one of Central
Asia’s leading digital economies. "One of its strongest areas is
Digital Finance, where the country scored 75.4, including an
impressive 85.7 in access to digital banking and finance. This
highlights Kazakhstan’s rapid adoption of digital financial
services and its efforts to expand financial inclusion through
technology. These achievements indicate that Kazakhstan has
established an enabling regulatory environment capable of
supporting innovation, digital trade, and investment", the
secretary-general said.
According to AlYahya, Kazakhstan is also reinforcing its role as
a digital bridge connecting Asia, the Middle East and Europe.
Uzbekistan's banks evolve into digital
ecosystems
Uzbekistan is pursuing a model in which payments are no longer a
standalone banking service but part of a broader digital ecosystem
that combines financial services, commerce, lending and business
solutions.
One of the country's leading players is TBC Uzbekistan. The bank
told Trend that its
monthly active user base has reached 5.8 million, while the number
of business customers has grown to 67,000. The bank is also
expanding rapidly in the small and medium-sized enterprise segment.
By the end of the first quarter of 2026, lending to micro, small
and medium-sized businesses (MSMEs), including self-employed
entrepreneurs, accounted for 18% of its loan portfolio, with more
than 185,000 loans issued.
Artificial intelligence has become another major focus. TBC
Uzbekistan is developing Lola, Central Asia's first AI-powered
banking assistant. "Our proprietary Uzbek- and Russian-language
LLMs allow Lola to handle routine customer interactions with high
accuracy, guiding users through our financial products and everyday
requests. When a human touch is needed, the escalation process to
our support team is completely seamless. With Lola's broader
capabilities, we are taking this to the next level: by the end of
2026, Lola is projected to independently resolve up to 30% of all
inquiries," the bank told Trend.
Another indicator of Uzbekistan's digital transformation is the
rapid growth of its domestic payment platforms. In the first half
of 2026, UzCard posted a net profit of 1.1 trillion soums
(approximately $92.1 million), up 84.2% from the same period a year
earlier.
At the same time, the Uzum ecosystem continues to expand by
integrating payments, e-commerce and financial services into a
single platform. More than six million users have already chosen
Uzum Bank cards. "We are building an ecosystem where financial and
everyday services come together on a single platform. This enables
users to shop, pay for services, access installment financing,
transfer money and use a wide range of other solutions in just a
few clicks," said Uzum CEO and founder Jasur Dzhumaev.
Kyrgyzstan sees QR payments go mainstream
Kyrgyzstan is posting one of the fastest rates of digital
payment adoption in Central Asia.
The key driver has been the national ELQR system. In 2025, the
value of transactions processed through the platform reached 908.6
billion soms ($10.3 billion), roughly ten times higher than a year
earlier. The number of transactions climbed to 525.1 million, an
eightfold increase compared with 2024. Meanwhile, the number of QR
codes deployed across retail outlets, government institutions and
other organizations nearly doubled year-on-year to 114,100.
The electronic wallet market is expanding alongside the QR
ecosystem. By the beginning of 2026, more than 6.6 million
e-wallets had been registered in the country, while the number of
unique users exceeded 3.4 million.
Banks are also broadening their digital offerings. As of the end
of 2025, nearly 9.9 million payment cards were in circulation in
Kyrgyzstan, and the annual number of card transactions surpassed
253 million.
In 2026, the country took another step toward global payment
integration. Apple Pay was officially launched in Kyrgyzstan, while
users of the Elkart Mobile application gained access to payments in
more than 60 countries through the Alipay+ network.
In addition, Bakai Bank became the first bank in Kyrgyzstan to
introduce Visa Direct to Account, enabling users to receive
international money transfers directly into their bank
accounts.
Tajikistan connects to the global payments
ecosystem
Tajikistan took a significant step forward in digital payments
in 2026 with the launch of Apple Pay. The service was officially
introduced on July 28 at a ceremony attended by representatives of
the Agency for Innovation and Digital Technologies under the
President of Tajikistan, the National Bank of Tajikistan, Apple,
the country's banking sector and international payment systems.
In the initial phase, Apple Pay became available to customers of
Alif Bank and Humo Bank. The country's first official Apple Pay
transaction was completed at a Yovar supermarket.
Gulanor Atobek, Chairwoman of Alif Bank, told Trend that introducing
international payment solutions is about more than technological
advancement. "The launch of Apple Pay in Tajikistan marks another
stage in the development of the country’s digital payment
infrastructure, making cashless transactions convenient," she
said.
According to Gulanor, the next stage of digital payment adoption
will depend on the right balance of technological innovation,
security, consumer trust and financial literacy.
Turkmenistan builds the foundations of digital
payments
Turkmenistan is pursuing a gradual approach to digital
transformation, with a focus on expanding banking infrastructure
and improving access to electronic financial services. According to
Trend's calculations
based on data from the Central Bank of Turkmenistan, the value of
internet banking transactions increased by 106.9% year-on-year in
January–May 2026, reaching 4.5 million manat (about $1.2 million).
The State Commercial Bank of Turkmenistan accounted for 50.8% of
all internet banking transactions during the period.
Cashless payments totaled 7.1 billion manat ($2.03 billion) in
the first five months of 2026. Dayhanbank accounted for 32% of the
transaction volume processed through POS terminals.
For 2025 as a whole, the country's total cashless payment volume
exceeded 23.4 billion manat ($6.7 billion). Expanding digital
financial channels has also become one of the priorities under
Turkmenistan's Digital Economy Development Program for
2026–2028.
Denis Yudin, Head of Business Development at Colvir Software
Solutions, told Trend
that remote banking and mobile channels are expected to be among
the most promising areas of financial sector development in
Turkmenistan. "These solutions are no longer viewed as optional
services but have become a core element of the modern banking
model, enabling customers to access services anytime and from any
device," he said.
According to Yudin, digital channels are increasingly serving as
a key driver for expanding customer bases, generating fee income,
and supporting overall business growth in the banking sector. "The
important area is the development of payment infrastructure.
Particularly promising here are instant payment systems, QR
payments, international settlements, and ISO 20022 standards, as
well as the broader modernisation of payment services and greater
transaction transparency," he added.
The next phase: regional digital
integration
As digital payment systems mature, Central Asia is gradually
moving beyond national markets toward greater regional integration.
Otabek Nasirov, Chairman of the Central Asia Fintech Association,
told Trend that there
is a huge potential for mutual fintech investments between Central
Asia and the Caucasus, and this potential hasn't yet been fully
untapped.
"There are many common priorities that unite our regions. This
includes the development of digital payments, fintech innovations,
artificial intelligence, cybersecurity, digital identity, financial
inclusion, and cross-border digital trade. We believe that the
close cooperation established between the sectoral associations
will accelerate the exchange of knowledge and experience, promote
the implementation of best practices and digital solutions, as well
as open up new opportunities for business entities operating in
both markets," he explained.
According to Nasirov, deeper cooperation will help accelerate
the adoption of new technologies, support the growth of startups
and foster the development of interoperable financial systems. "The
key question is how effectively we can work together to transform
these opportunities into sustainable economic growth and stronger
financial ecosystems," he clarified.
That shift may ultimately prove to be the most significant
outcome of Central Asia's digital payments transformation. The
region is no longer simply expanding individual banking services;
it is steadily building an interconnected digital financial
ecosystem.
In the years ahead, payment technologies are expected to play an
increasingly important role in the growth of e-commerce, small
businesses, cross-border transactions and regional economic
integration. Increasingly, digital payments are serving not only as
a convenient way for consumers to pay, but also as a catalyst for
stronger economic connectivity across Central Asia.
