Electronic payment systems in Azerbaijan

2016

According to the Central bank of the Azerbaijan Republic, for January 1, 2017 the Azerbaijani banks emitted in total 5.3 million payment cards, 2454 ATMs and 71,806 POS терминаловПо are installed ^[1].

For the last 5 years the volume of cashless payments on payment cards in the republic increased by 3.3 times and was 1.2 billion Azerbaijani manats (655 mln. dollars of the USA) in 2016. For this period the volume of card issue grew by 6.5%, network of POS terminals – for 95%, ATMs – for 8.6%. At the same time today in the republic on each one thousand people of the population 546 payment cards, are the share of 100 thousand people – 25 ATMs and 740 POS terminals.

For January 1, 2017 in banks of the republic 12.5 million current accounts from which 12.3 million accounts were opened by individuals were opened in total. The main part of operations with bank accounts (72%) was performed on the basis of paper, 28% – on the basis of electronic media. At the same time within the last five years the number of the payment documents processed on the basis of electronic media grew in the republic by 4.8 times.

Total amount of the performed operations of electronic banking in comparison with 2015 grew by 2.1 times and was 4.2 billion Azerbaijani manats, and their number – for 28%, to 1.9 million transactions.

On December 16, 2016 the president of the Azerbaijan Republic signed the Law on cashless payments. According to the new law some operations, such as taxes, duties and charges, administrative penalties, payments with financial sanctions and percent and also payment of debts on lysinedin and the credits should be performed in a non-cash form. It belongs and for payment utilities, the fixed telephone communication, services of travel agencies and training. The salaries, pensions, grants, financial aid, privileges (including single privileges), to compensation and contribution also should be paid in a non-cash form. The exception is made by the organizations in which the total amount of transactions in any consecutive 12-month period is up to 200 thousand Azerbaijani manats and which are occupied in the field of retail, public catering and services.

See Also

• Economy of Azerbaijan
• IT market of Azerbaijan

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