BAKU, Azerbaijan, March 29. Visa aims to develop innovations in the Azerbaijani market, Senior Director, Regional Manager of Visa in Azerbaijan Nurlan Hajiyev said in an interview with Trend.
According to him, the company sees huge potential and prospects in the development of new methods of accepting non-cash payments.
"Certainly, here we talk about the projects that promote the transportation and female entrepreneurship sectors as well as the expansion and security of cashless payments across the country. Visa projects are also aimed at ensuring the transparency of doing business and making payments, accelerating the growth of cashless payments, and achieving other strategic goals of our company," he added.
The volume of non-cash payments in Azerbaijan amounted to 58.56 billion manat ($34.45 billion) in 2022, which is 21.1 billion manat ($12.4 billion) or 56.26 percent more than in 2021. A total of 562.1 million transactions worth 54.2 billion manat ($31.8 billion) were carried out through debit cards (an increase of 54.9 percent), and 80.8 million transactions worth 4.3 billion manat ($2.5 billion) through credit cards (an increase of 78.3 percent).
The number of payment cards in circulation equaled 13.2 million as of January 1, 2023, which is 20.1 percent more than in 2021. The growth of debit cards was 18.7 percent, and that of credit cards - 29.4 percent.