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Azerbaijan to create single payment system (PHOTO)

Business Materials 26 May 2011 14:59
The Central Bank of Azerbaijan is finalizing a new national program to develop cashless payments in Azerbaijan in 2011-2015.
Azerbaijan to create single payment system (PHOTO)

Azerbaijan, Baku, May 26 / Trend I. Khalilova /

The Central Bank of Azerbaijan is finalizing a new national program to develop cashless payments in Azerbaijan in 2011-2015.

"Its main goal is to create a "cashless society," First Deputy Chairman Alim Guliyev said today.

"Azerbaijan created a national electronic payment system," he said.
"It has great potential, but still lags behind international practice.
The main task of the state program will be the maximum use of existing infrastructure."

He said the improvement of the methodological and institutional base is envisaged within the state program.

"It is expected to create a single payment sphere as a result of realizing the state program," he said. "It will simplify the process of making payments by holders of payment cards."

He added that the country has issued more than 4 million cards.

About 2,000 ATMs and 8,000 POS-terminals were installed.

VISA International director general in the CIS and South Eastern Europe Stephen Parker said 3-4 percent of transactions in Azerbaijani economy are carried out in non-cash transactions. But the use of cards in cashless payments has been recently increased by 25 percent.

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