Mastercard Continues To Drive Contactless Payment Growth In Uzbekistan - General Director (Exclusive Interview)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 18. Mastercard keeps focusing on the development of contactless payments in all sectors of Uzbekistan's economy, General Director of Mastercard in Uzbekistan Denis Filippov told Trend in an exclusive interview.

“Mastercard pays great attention to convenience and speed of payments, cybersecurity, and the introduction of innovative solutions. We also conduct active informational work. Often, the residents of Uzbekistan perceive our cards exclusively as cards for traveling. We strive to make people aware that Mastercard cards are convenient to use in the country too,” he said.

Denis Filippov noted that the company launched the Travel with Mastercard campaign in January this year, which covered the nine largest cities in Uzbekistan. Its essence is that when paying with a Mastercard card, the cost of a trip on buses and subways is reduced to 1000 soums ($0.079). In three months, the number of payments with Mastercard cards on public transportation has increased more than 10 times.

“The environmental aspect of the campaign is also important for Mastercard. It is known that road transportation is one of the main sources of air pollution in large cities. Travel with a Mastercard encourages the population to use buses and subways more often instead of private cars. This, in turn, leads to a reduction in emissions of harmful substances into the atmosphere and, as a result, improves air quality,” the general director of Mastercard in Uzbekistan emphasized.

He also noted that in July, together with MayaSoft fintech startup, Accion non-profit organization, and Caribou Digital, a global research company, Mastercard launched a project to support the digitalization of self-employed and small business processes. As part of this initiative, 12,000 small businesses in Uzbekistan will get free access to software for accepting payments via smartphone.

“Turning a smartphone into a PoS terminal is especially relevant for remote rural areas with poor internet connections. Also, this software accelerates capital turnover because the funds received as a result of a transaction become available to the entrepreneur and the self-employed immediately, without waiting for bank clearing,” Denis Filippov said.

According to him, Mastercard's initiatives to stimulate e-commerce are aimed at working with both businesses and the population in Uzbekistan. One notable activity for entrepreneurs is the upcoming launch of Mastercard business cards. These cards offer a convenient solution for small and medium businesses to streamline and expedite internal processes. The range of uses for the cards is extensive, including payment for goods and services, state duties and visa fees, corporate cabs, business travel expenses, and more.

Denis Filippov pointed out that Mastercard business cards are like jacks of all trades, allowing you to use them for both domestic and international transactions, making payments in both local and foreign currencies.

"This is especially convenient if the company works in foreign markets and regularly sends employees on foreign trips. With business cards, it is possible not to open a separate sum card and a separate currency card, as all accounting is done on one," Mastercard's general director said.

He also mentioned that Mastercard is working hand in glove with the population to enhance financial literacy. In recent years, fraudsters who shake people's faith in non-cash payments have been upping their game.

"Even the President of Uzbekistan, Shavkat Mirziyoyev, drew attention to the problem. In particular, he noted that from January through November last year, 5,500 cybercrimes were committed in the country, of which 70 percent were frauds and thefts related to bank cards. It is understandable that after losing a large sum of money, people lose confidence in their cards and try to make fewer online transactions. However, the better people understand financial issues, the less often they will become victims of fraudsters," Filippov said.

According to him, Mastercard pays great attention to the issue of improving financial literacy. Thus, the company joins forces with Uzbek Uzum Media.

"Our experts help reporters create educational materials. Within the framework of the same partnership, we launched the 'Mastercard Mastering Course', which consists of eight informative modules," he added.

The representative of the company emphasized that Mastercard seeks to create a convenient and secure payment environment in Uzbekistan, which will make the country even more attractive for tourists.

“We motivate small and medium businesses in Uzbekistan, especially those working in the hospitality sector, to develop cashless payments to increase their sales. This is a point-by-point and long-term project. On the other hand, holders of our cards issued in Uzbekistan can just as quickly and easily pay for their purchases with Mastercard when traveling abroad. The card acceptance network has more than 100 million locations; we operate in 210 countries and territories, so customers can use their resources with Mastercard all over the world,” Denis Filippov said.

Meanwhile, as per data from Uzbekistan's Open Data Portal, the number of MasterCard Worldwide payment cards issued in Uzbekistan reached 225,942 in 2023. This figure represents an increase of 123,784 payment cards (121.1 percent) compared to the previous year (102,158 payment cards in 2022).

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