Azerbaijani banks should coordinate activities to develop non-cash payments
Azerbaijan, Baku, Feb. 17 / Trend N.Ismayilova /
Azerbaijani banks should coordinate their activities to develop non-cash payments in the country, Azerbaijani Banks' Association (ABA) Head Eldar Ismayilov said.
"This is a fundamental issue and earlier we have conducted discussions to stimulate this market, but now have to completely change the approach. Everyone should know how and when to conduct the event, all market participants should coordinate their activities in this direction," Ismayilov said.
He said the country's central bank is considering issues related to the reduction of tariffs on non-cash payments, and has already prepared a new program to motivate them.
In February, the Central Bank of Azerbaijan (CBA) held a meeting with the ABA, National Confederation of Entrepreneurs, the banking sector and the business community to discuss topical issues. One of the important tasks assigned to banks is to increase non-cash payments. Thus, the CBA, banks and relevant agencies should work actively to develop this infrastructure, because it will expand the tax base, increase the investment potential of the banking sector and provide a means for people to safe and convenient way to pay. Banks are required to initiate the catalytic activities, conclude deals at more favorable prices and expand the technological infrastructure.
A state program on improving and developing modern electronic payment services in Azerbaijan was confirmed in accordance with a presidential decree on Dec. 9, 2004. The state gave an impetus to favorable opportunities to carry out large-scale reforms in the development of modern payment services. Since the adoption of the program, Azerbaijan has succeeded in improving the plastic card markets by distributing pensions and different benefits and allowances through plastic cards, as well as the wages of budgetary organization employees.