Volume of transactions via payment systems in Azerbaijan greatly increases

By Trend

From January through November 2019, the volume of payments through payment systems in Azerbaijan amounted to 3.3 percent of GDP, showing an increase of 41 percent, Trend reports Jan. 6 referring to the Central Bank of Azerbaijan (CBA).

In 2019, effective control over payment systems was observed, according to the report.

The regulatory framework was amended to determine the procedure for the remote opening of bank accounts.

Appropriate measures were taken to regularly monitor the activities of international payment systems and operators of money transfer systems in the occupied Azerbaijani territories.

The analysis of products and services used in the payment ecosystem was carried out. An active dialogue was organized with the banking sector on the development of digital banking services and the prevention of possible risks, as well as on the project “A Package of Basic Banking Services”.

In the reporting period, as part of the implementation of the “State Program for the Expansion of Digital Payments in Azerbaijan for 2018-2020” in the country, the work continued on creating a “system of instant payments” 24/7/365, introduction of ISO 20022 standards and creation of a digital identification system on blockchain platform.

As part of the program, together with the Ministry of Education, for the first time in Azerbaijan, the issuance of the “Azerbaijani Student Card” began, which combines both a student card and payment functions.

As for the digitalization of other areas, the possibilities of introducing digital payments were analyzed in the transport sector in 2019 and proposals were sent to the relevant structures.

To increase interest in digital payments, lotteries and numerous educational campaigns were organized.