BAKU, Azerbaijan, June 13. Digital payments are expected to grow by 25 percent in the national payment system by 2026, and the share of non-cash transactions in total turnover will reach 55 percent, Director of the Center for Analysis of Economic Reforms and Communications Vusal Gasimli said during a financial technology summit in Baku, Trend reports.
According to him, the introduction of global trends (artificial intelligence, machine learning, open banking, etc.) continues to develop financial technologies in Azerbaijan.
"I want to note that the International Monetary Fund forecasts economic growth in the South Caucasus by 5-7 percent in the medium term. The improvement of financial technologies and management in this area is one of the important steps," Gasimli added.
“According to the forecasts, the value of digital payment transactions at the global level will be about $6.7 trillion by the end of 2023. The share of non-cash payments in the total turnover of Azerbaijan will reach 51 percent in 2023," he said.