International Finance

Payme: Uzbekistan’s best e-payment company


Payme is a prominent force in Uzbekistan’s online payment market, offering exceptional payment solutions for both individual and corporate clients. With an ever-expanding user base, their registered mobile application users have surpassed an impressive 10 million and continue to multiply with each passing day.

In 2012, a visionary group of individuals joined forces to establish the company. Their collective vision became a reality when, just a year later, they introduced Paycom, the pioneering internet-acquiring platform in Uzbekistan. This pivotal milestone marked the beginning of a new era for the company, leading to the subsequent launch of its innovative product, the Payme mobile application in 2016. Since its inception, Payme has earned a well-deserved reputation as a trustworthy and user-friendly omnichannel application for seamless online payments.

Payme achieved a significant landmark by becoming the pioneering company in Uzbekistan’s payment service provider market to introduce an open API, enabling seamless interaction with external information systems. They also spearheaded the launch of P2P transfers among individuals, revolutionizing the money transfer process by enhancing both speed and ease. This groundbreaking advancement by Payme not only simplified the process of transferring funds between users but also set a new standard for frictionless transactions.

In 2018, Payme unveiled an innovative service called Payme GO, introducing the concept of contactless payments through QR codes. This revolutionary service marked the first instance in the market where users could swiftly and securely utilize their cell phones to make payments for goods and services. By pioneering this technology, Payme not only provided users with a convenient and efficient payment method but also set a new standard for seamless and secure mobile transactions.

Payme was granted a license by the Central Bank to conduct business as a payment service provider in 2020. One of the initial Telegram messengers using the Telegram Payments 2.0 payment system was the Payme app.

Small and medium-sized enterprises were able to survive the COVID-19 pandemic in large part due to the online method of payment acceptance provided by the Payme program.

As part of a shareholder agreement, TBC Bank Group PLC purchased a 51% investment in Payme in 2019 and will become the sole owner in 2023, expanding its ownership to 100%.

Currently, Payme offers a wide range of services to its users, including Payme GO (quick and secure payments), QR payments, pay by location (paying for goods and services immediately), saved payments (saved payments can be duplicated the next time), payment monitoring (personal financial manager), P2P, offline payments, share payment (created check can be sent via any messenger), and multiple card management options.

The fact that Payme has been named Uzbekistan’s best e-payment company is a testament to the team’s collective efforts. It represents Payme users’ faith in them and their acknowledgement of Payme as the top fintech business in Uzbekistan.

“Payme is about daily-life financial solutions. Thanks to our team, we focus on our customers’ needs. It’s about being prompt, patient and staying by their side all the way through,” a company representative said.

Payme has consistently garnered recognition and accolades for its exceptional performance. Notably, the company has been honoured with several prestigious awards over the years. These include the esteemed ‘Best Partner’ award in the ‘Reliability’ category, recognition for having the ‘Most Massive Mobile Application’, the distinguished title of ‘Brand of the Year’, and the distinguished ‘Best Digital Payment Service Provider’ award for three consecutive years in 2020, 2021, and 2022. In addition, Payme was recently bestowed with the honourable title of ‘Best Mobile Payment Technology Company’ at the recently held Global Economics Awards. These accolades reflect the company’s unwavering commitment to excellence and its remarkable contributions to the digital payment industry.

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