BAKU, Azerbaijan, May 12. Citizens of Azerbaijan are increasingly turning away from cash in favor of more convenient and reliable payment methods, Visa Azerbaijan office told Trend.
According to a recent study by Visa, 59 percent, or about 6 million residents of Azerbaijan, have one bank card, 19 percent - two or more.
According to Visa office, every second citizen of Azerbaijan once a week or more often uses a bank card to pay for purchases, goods in online stores and online services, also telecommunications and utilities.
"Cashless payments of taxes, fees and fines, goods in household appliance stores, clothing stores, supermarkets, services at gas stations, accommodation in hotels are also popular," the company noted.
"At the same time, Azerbaijani citizens pay special attention to reliability of the bank, level of protection against fraud, the presence and location of its branches and terminals, the absence of commission when using the card, the ease of withdrawing money and making transfers, the availability of credit products," the company noted.
"In addition, when choosing a financial institution and banking of products, consumers also consider important parameters such as commission for replenishing their account or making peer to peer (P2P) transfers (from card to card), also card maintenance fees," Visa said.
The company noted that the majority of Azerbaijani citizens have realized the importance and convenience of digital payments, also online shopping since the start of coronavirus COVID-19 pandemic, when both consumers and companies were forced to switch to buying and selling goods online, also limit the number of physical contacts.
"The Visa team continues to maximally support the development of financial institutions in Azerbaijan, the introduction of cashless payments and new payment methods," the company added.