BAKU, Azerbaijan, July 24. The payment systems in Azerbaijan will be able to provide maintenance services and issue payment cards, Trend reports.
According to the law "On Payment Services and Payment Systems", payment service providers will be able to issue electronic money on the basis of a license and in accordance with the legislation.
Moreover, the status of a payment service provider will allow them to carry out other activities, for example, to exchange currency, execute payment orders, organize trainings, provide consulting services, develop software, issue loans, and a number of other services.
The new law will also contribute to the establishment of a more efficient, secure, and competitive infrastructure for the digital payments ecosystem in Azerbaijan. Using the sandbox mode, payment system operators will be able to apply innovative solutions and technologies to their work.
The Milli Majlis (Parliament) of Azerbaijan adopted the law "On Payment Services and Payment Systems" on July 14, 2023.