Paynet increased its quarterly profit by 83%, launched a crypto exchange and a “gold vending machine”

Why is this important

Quarterly profit growth of 83% indicates Paynet’s business acceleration due to new services. The launch of crypto exchange and the purchase of investment gold expands the audience to investors and young people. Cross-border transfers compete with traditional systems (Western Union, MoneyGram). “Gold vending machine” is an innovation for conservative investors. The growth of revenue by 55.3% to 1.2 trillion confirms the success of the ecosystem strategy.

What happened

• Net profit for 9 months — 330.5 billion (+59.2% g/g);
• Net revenue — 1.2 trillion (+55.3%);
• Quarterly profit in the III quarter — 128.8 billion (+83.1%);
• Five new services were launched: gold, crypto assets, cross-border transfers, installment plans, cash withdrawals;
• The first “gold vending machine” was installed at Tashkent City Mall.

Financial indicators

Profit:

• 9 months of 2025: 330.5 billion (+59.2%);
• III quarter of 2025: 128.8 billion (+83.1%)

Revenue:

• 9 months of 2025: 1.2 trillion (+55.3%).

Quarterly dynamics:

If in 9 months the profit amounted to 330.5 billion, and in the III quarter — 128.8 billion, then in the I half of the year it was 201.7 billion (the average quarter — 100.9 billion). This means that the profit for the third quarter is 27.6% higher than the average.

New services (July 2025)

1. Purchase of investment gold — customers can purchase gold bars through the application or “gold vending machine” at Tashkent City Mall (gold bars 5-100 grams at the Central Bank rate);
2. Crypto-asset purchase — access to trading in cryptocurrencies (Bitcoin, Ethereum, etc.);
3. Cross-border transfers — sending money abroad without intermediaries (Western Union, MoneyGram);
4. Installment payment — the analogue of BNPL (Buy Now, Pay Later) for interest-free installment purchases;
5. Withdrawing cash through agency points — customers can withdraw money from cards in stores, pharmacies, gas stations.

“Gold vending machine”

The first gold coin purchasing machine in Uzbekistan has been installed at Tashkent City Mall. Clients can purchase ingots weighing from 5 to 100 grams at the Central Bank’s exchange rate. This is a convenient alternative to buying gold from banks or jewelry stores.

Analysis

Acceleration of growth: quarterly profit increased by 83.1% — a significant acceleration compared to the annual growth of 59.2%. This indicates that the new services began to yield results in the III quarter.

Ecosystem strategy: Paynet is transforming from a payment system into a financial ecosystem, offering investments (gold, crypto assets), lending (installment plans), international transfers, and cash withdrawals. This increases app usage frequency and average customer receipt.

Crypto Exchange: Launching the purchase of crypto assets is a bold step, given the regulatory uncertainty in Uzbekistan. However, the demand for cryptocurrencies is increasing, especially among young people. Paynet can become a pioneer if the regulator approves the service.

Investment gold: buying gold through the app and “gold vending machine” is a convenient way for conservative investors. Uzbekistan is one of the world’s largest gold producers, and the demand for investment gold is traditionally high. Gold prices have reached record highs of $3,800+ per ounce, making the asset attractive.

Cross-border transfers: the service competes with Western Union, MoneyGram, Ria. Paynet’s advantages: lower commissions, application integration, and convenience. Uzbeks send about $3-4 billion in remittances annually, the market is huge.

Installment payment: BNPL (Buy Now, Pay Later) is a rapidly growing segment. Analogues: Klarna, Affirm, “By shares”, “Split”. The service increases the purchasing power of clients and stimulates consumption.
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Withdrawing cash through agents: a convenient alternative to ATMs, especially in remote areas. Customers can withdraw money from a store, pharmacy, or gas station without searching for an ATM.

Context

Paynet JSC is the largest payment system in Uzbekistan with over 10 million users. The company started by paying for utilities and mobile communications, and is now transforming into a financial ecosystem.

Growth of the fintech market: Uzbekistan is actively developing fintech: banks are launching online banking, non-banks (TBC Bank) are emerging, and the number of payment applications is growing. Paynet maintains leadership due to a wide network of agents (over 80 thousand points) and user trust.

Competition: main competitors: Click, Payme, Uzum Nasiya (installment plan), banking applications. Launching new services strengthens Paynet’s position and increases barriers for competitors.

Regulatory risks: Crypto exchanges and “gold vending machine” require regulatory approval. The Central Bank of Uzbekistan has not yet issued licenses for cryptocurrency trading, which creates uncertainty. However, the government is exploring the possibility of legalizing cryptocurrencies.

Prospects: if Paynet continues to launch new services and maintains growth at 60-80%, the company could become the largest fintech player in Central Asia. There may be an IPO or attracting a strategic investor to scale.