Electronic payment systems in Azerbaijan

2024: Mir payment system launched in Azerbaijan

Azerbaijan In earned cards of the payment system "Mir." Deputy Foreign Minister of the Russian Federation Mikhail Galuzin spoke about this in June 2024. According to him, it is already possible to remove Azerbaijani manats using the Mir system card in ATMs. VTB More. here

2016

According to the Central Bank of the Republic of Azerbaijan, as of January 1, 2017, a total of 5.3 million payment cards were issued by Azerbaijani banks, 2,454 ATMs and 71,806 POS terminals were installed. Based on ^[1].

Over the past 5 years, the volume of non-cash payments by payment cards in the republic has grown 3.3 times and amounted to 1.2 billion Azerbaijani manats (655 million dollars) in 2016. UNITED STATES). During this period, the volume of card issue increased by 6.5%, the network of POS terminals - by 95%, ATMs - by 8.6%. At the same time, today in the republic for every thousand people of the population there are 546 payment cards, for 100 thousand people - 25 ATMs and 740 POS terminals.

As of January 1, 2017, a total of 12.5 million current accounts were opened in banks of the republic, of which 12.3 million accounts were opened by individuals. Most of the transactions on bank accounts (72%) were carried out on the basis of paper, 28% - on the basis of electronic media. At the same time, over the past five years, the number of payment documents processed on the basis of electronic media has grown 4.8 times in the republic.

The total amount of electronic banking operations compared to 2015 increased 2.1 times and amounted to 4.2 billion Azerbaijani manats, and their number - by 28%, to 1.9 million transactions.

On December 16, 2016, the President of the Republic of Azerbaijan signed the Law on non-cash payments. Under the new law, certain transactions, such as taxes, duties and fees, administrative penalties, payments on financial sanctions and interest, as well as payment of lease debts and loans must be carried out in a non-cash form. This also applies to the payment of utilities, fixed telephone service, travel agency services and training. Salaries, pensions, scholarships, financial assistance, benefits (including one-time benefits), compensation and indemnities must also be paid in a non-cash form. The exception is organizations in which the total volume of operations in any consecutive 12-month period is up to 200 thousand Azerbaijani manats and which are engaged in the field of retail trade, catering and services.

See also

• Economy of Azerbaijan
• Azerbaijan IT market