Uzum Captures Multiple Revenue Streams

The key point is that Uzum is not just selling a product, it is owning the checkout, the credit, and often the payment instrument too. That means one order can produce merchant commission revenue, lending income from installments, and card economics inside the same ecosystem. This is why commerce is a customer acquisition layer, while fintech is the part that turns user activity into higher margin revenue.

• Installments are not a side feature, they are built into how shopping happens. More than 48% of Uzum Market GMV is paid through Uzum Nasiya, and Uzum describes Nasiya as one of the country’s largest installment services. When financing sits inside checkout, it lifts conversion on bigger ticket items and creates a second monetization stream on the same basket.
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• The stack keeps extending after the sale. Uzum said 1.5 million people were using its Visa card in April 2025, and more than 4 million cards were active by early 2026. If a shopper pays from an Uzum issued card or borrowed balance, Uzum keeps more of the economics that would otherwise leak to an outside bank or processor.
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• This is the same basic playbook that made Kaspi powerful in Kazakhstan and that TBC Uzbekistan is chasing from the payments side through Payme and Payme Nasiya. The difference is that Uzum starts with marketplace demand, then routes that purchase into its own lending and banking rails, while TBC starts with payments and layers commerce later.
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Going forward, the winners in Uzbekistan will be the companies that control the full transaction loop, from discovery to approval to payment. Uzum is moving toward that position. As more merchants accept Uzum financing and more consumers default to Uzum cards and installments, each purchase becomes more valuable and harder for a single product rival to intercept.