Payment Expert takes a look at four new emerging payment markets. In its Q1 edition, Uzbekistan, Peru, Vietnam and Syria are under the spotlight.
A unicorn in Tashkent. Twenty‑one million tourists pushing Vietnam’s payment infrastructure to evolve. A 33‑point jump in banking penetration in a decade. A 150% surge in QR code transaction value. And a post‑sanctions Syria reconnecting to Swift for the first time since 2011.
The next wave of payments growth isn’t coming from the usual suspects. It’s emerging in places where digital rails are being laid in real time, where regulators are rewriting the rules to widen financial access, and where homegrown fintechs are scaling at a pace mature markets can’t match.
These are the markets quietly – and rapidly – defining what the future of payments will look like. In our new quarterly series, Payment Expert takes a look at four markets which offer a snapshot of where payment modernisation is accelerating fast.
Uzbekistan’s transition from cash to code
Uzbekistan may not be the first market that comes to mind when thinking about payment innovation, but the country is quietly building a digital‑first ecosystem shaped by government mandates and a new wave of fintech ambition.
As a largely rural and agricultural nation, access to traditional financial services has long been limited. That gap has fuelled the rise of mobile‑led paytechs such as Payme, which are targeting younger users and widening financial inclusion for consumers seeking easier, more affordable ways to transact.
These mobile‑first platforms now allow users to make peer‑to‑peer payments, open accounts seamlessly, and access services that are far more cost‑effective than traditional banking, laying the groundwork for a rapidly modernising payments landscape.
This wave of new payment firms has emerged alongside the government’s Digital Uzbekistan – 2030 strategy, which aims to embed digital technologies across both public and private sectors. As part of this push, authorities introduced new payment system requirements in 2019, mandating that all merchants connect to at least one online cash register and establishing clearer standards for foreign investment into local fintech and payments companies.
Among the beneficiaries of this environment is Uzum, a leading national fintech, which reached unicorn status in March 2024 after raising over $100m. The company operates Uzum Bank, a digital bank launched in 2022, along with the Uzum Nasiya installment service. One of the latest fintech launches in 2024 was the co-branded Visa debit card program, with more than four million cards issued by the end of 2025.
Djasur Djumaev, CEO and Founder of Uzum, tells Payment Expert Uzbekistan’s fintech growth is the result of “several structural forces converging at the same time”.
“Uzbekistan’s fintech growth is driven by the convergence of policy, rapid digital adoption, and capital,” says Djumaev. “Its differentiation lies in being a frontier digital market where fintech is not optimising an already mature system, but building the foundational financial infrastructure from the ground up.
“What differentiates Uzbekistan from many European and Asian fintech markets is its stage of development. In mature markets fintech growth is incremental and highly competitive. In Uzbekistan large segments of the population are only now entering the digital financial system, creating steeper growth curves and significant greenfield opportunities.
“Fintech (in Uzbekistan) is less about displacing incumbents and more about building access at scale.”
Vietnam’s cashless push gains momentum
Vietnam, one of Asia‑Pacific’s most visited destinations, currently sits at a unique crossroads: it must cater to the payment expectations of millions of international tourists while simultaneously accelerating the development of its own fintech ecosystem.
Tourism hit a record 21.2 million visitors last year (more than 20% higher than in 2024); this influx is helping push the country further away from cash. While cash still plays a role, its dominance has weakened, partly due to a July 2024 rule requiring biometric authentication on mobile phones for transactions above $400 (VND 10 million), nudging consumers toward digital channels.
The government has also layered in a series of infrastructure initiatives to broaden access and modernise the system. These include a mobile money pilot aimed at rural financial inclusion, mandatory electronic toll collection on highways, and the National Payment Corporation of Vietnam’s (NAPAS) unified QR code scheme, which has become a cornerstone of everyday payments.
Vietnam’s central bank is actively encouraging this shift. Its annual ‘Cashless Day’ on June 16 is designed to promote and educate citizens on digital payments, part of a wider ambition to build a fully digital‑native population.
“National cashless initiatives have helped increase banking penetration from 31% in 2015 to 87% in 2025, positioning Vietnam as one of Asia’s most dynamic digital payment markets,” says Anushka Weeratunga, Managing Director, Asia-Pacific at Ingenico.
The global payment acceptance company has been active in Vietnam since 2017, providing payment terminals across the country’s retail sector to support national initiatives.
Much like the rest of APAC, Vietnam has become a hotbed for QR code payments. Data from the State Bank of Vietnam revealed in October 2025 that QR code payments grew by more than 61% in the first nine months of 2025, growing 150% in value.
Ingenico’s Weeratunga tells Payment Expert that Vietnam’s next step in its digital transformation journey will focus on stablecoin payments, as well as the integration of AI and cloud-based infrastructures.
“Looking ahead, Ingenico is supporting the country’s next stage of modernization with next – generation terminal technologies – including AI readiness, cloud-based fleet management, biometric authentication, and enhanced optimisation tools for banks and tier one merchants,” says Weeratunga.
“Aligned with Vietnam’s growing engagement in digital assets and new financial models, Ingenico is also introducing stablecoin payment acceptance on its nextgen devices, part of its broader strategy to enable diversified digital commerce beyond hardware alone.”
Peru’s digital wallet boom
Latin America has become a proving ground for payment innovation over the past decade – from Brazil’s Pix to Argentina’s crypto adoption – and Peru is now positioning itself as the region’s next major contender.
Digital wallets such as Yape and Plin have been central to Peru’s rise. They capitalised on the nation’s rapid move away from cash during and after the Covid-19 pandemic, when cash usage fell from 93% before the pandemic to 60% by the end of 2025, according to Helmut Cáceda of the Peruvian Chamber of Electronic Commerce (CAPECE). This behavioural shift has given wallets a powerful foothold and accelerated the country’s broader transition to digital payments.
“The pandemic acted as a catalyst, but the inherent advantages of these tools have consolidated the shift in habits,” he says.
These habits have been moulded by the surge in popularity of digital wallets, as well as being interoperable with banks such as BBVA and Scotiabank to seamlessly transfer funds. These new habits have been reinforced by the rapid rise of digital wallets and their growing interoperability with major banks such as BBVA and Scotiabank, enabling seamless transfers across platforms. Wallets like PagoEfectivo have also expanded their mobile‑first offerings (including eCash and QR‑based payments) giving users more choice and accelerating adoption across different demographics.
But while wallets have captured consumer attention, regulators have been laying the groundwork for the next phase of Peru’s digital evolution. Authorities have been quietly developing frameworks for open banking, open finance, and a real‑time instant payments rail
“In five years, Peru’s payments ecosystem has doubled,” says Cáceda. “Digital payments have grown at triple-digit rates every year since the pandemic, a flexible regulatory environment has also enabled the growth of the fintech ecosystem.”
The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) has been developing the framework since 2022 which focuses slightly more on open finance than banking data. This could see the explosion of banking-as-a-service or software-as-a-service land on non-financial platforms.
Furthermore, the projected launch of an instant payment rail similar to Pix and the Unified Payments Interface (UPI) in India could spearhead digital payment adoption in Peru to new heights. The Banco Central de Reserva del Peru has been working alongside India’s NPCI International Payments Limited (NIPL) to learn from its UPI infrastructure to launch a similar instant payment rail, one that is focused on seamless, secure payments .
“Peru has not yet reached its ceiling in digital payments – we are only halfway there,” concludes Cáceda.
Syria reconnects with global payment networks
When Mastercard and Visa signed separate Memoranda of Understanding with the Central Bank of Syria in September and December 2025, it marked a significant milestone in the country’s economic recovery and reintegration into the global financial system.
Following the fall of the Assad regime and the inauguration of President Ahmed Hussein al‑Sharaa in January 2025, Syria has seen several US, UK and European sanctions lifted.
Adam Jones, Executive VP and Division President for West Arabia at Mastercard, tells Payment Expert that this stabilisation has been central to the company’s decision to support Syria’s digital transformation, noting recent reforms have created the conditions for Mastercard to contribute its expertise to the country’s modernisation efforts.
“Syria’s ongoing efforts to stabilise its economy and advance financial sector reforms have created constructive conditions for exploring how Mastercard’s expertise in digital payments can support the country’s modernisation agenda,” he says.
As part of its MoU with the Central Bank of Syria, Mastercard will transfer its expertise in digital payment infrastructure to help develop the country’s payment rails and systems in partnership with QNB Group. Visa will also be providing its EMV chips, tokenisation and ‘Tap to Phone’ payment technology.
But this resurgence has not solely been the result of commercial commitment; central bank and government initiatives have provided a new bedrock for this market. The Central Bank of Syria has been leading the country’s digital transformation by mandating all electronic payment providers be registered and operate risk management units to comply with international security standards, such as Payment Card Industry Data Security Standard (PCI-DSS) provided by companies like Certvalue.
Reconnecting with global payment networks is also a key objective for the government. Syria gained access to Swift for the first time since 2011 in July 2024 to settle its first international transaction, followed by support from the International Monetary Fund in November the same year to enact its economic and payment growth.
“Recent policy developments and a clear focus on strengthening national payments infrastructure signal a commitment to financial inclusion, greater economic formalisation, and long-term resilience,” adds Jones.
“This approach aligns with Mastercard’s broader regional strategy to enable secure, efficient digital payments that support consumers, businesses, and sustainable economic growth.”
