The company paid 115 billion soums in taxes in the first quarter. The fintech sector is beginning to compete with traditional leaders like telecom and aviation in terms of revenue.
What happened
Uzbek payment platform Paynet ranked fifth in tax contributions among all service-providing companies in the country. According to an infographic by the Tax Committee, cited by the specialized Telegram channel Skartariss, the service transferred 115 billion soums to the budget in the first quarter.
The channel’s author notes that fintech companies previously usually ranked in the second ten in such ratings, trailing behind mobile operators and airlines.
Country and market
Paynet has historically been associated by users in Uzbekistan with basic operations: paying for mobile communications, internet, and utilities.
In recent years, the company has been expanding its product line. The app now features installment services, the ability to invest in gold, a crypto wallet, and the Xolis project. The expansion of the line directly affects the transactional activity of users and the platform’s financial performance.
Why it matters
The inclusion of a fintech service in the top 5 taxpayers reflects the growth of Uzbekistan’s cashless economy. Increasing volumes of funds are passing through payment platforms, and fintech is forming into an independent major industry.
The growth in tax contributions changes the status of payment companies: from niche services, they are turning into large businesses comparable in financial weight to infrastructure enterprises.
What’s next
The tax dynamics of other major players—Click, Payme, Uzcard, and HUMO—are of interest to the market. The regular presence of fintech in the top taxpayers will confirm that payment organizations have finally secured their status as systemically important businesses.
