BAKU, Azerbaijan, April 1. Azerbaijan's total payment card turnover increased by 90 percent in February 2024 year on year, reaching 5.46 billion manat ($3.2 billion), Trend reports.
The statistical bulletin data from the Central Bank of Azerbaijan (CBA) showed that of this amount, 4.56 billion manat ($2.68 million) fell on e-commerce.
To note, transactions worth 897 million manat ($527.6 million) were carried out through POS terminals, and 8.5 million manat ($4.8 million) through ATMs.
The number of payment cards in circulation in Azerbaijan by the end of 2023 amounted to 16.9 million units, which is 24 percent higher than in 2022.
Meanwhile, the overall volume of transactions conducted using payment cards within the country increased by 56 percent compared to 2022, reaching 88.1 billion manat ($51.8 billion). Specifically, the volume of cashless transactions doubled to 49 billion manat ($28.9 billion).
The number of cashless transactions through POS terminals in Azerbaijani economic entities increased by 2.1 times to 416.6 million, and their volume - by 68.5 percent, reaching 9.8 billion manat ($5.8 billion) last year.