Azerbaijan to establish national payment system
Baku, Azerbaijan, June 25
By Emin Aliyev, Zulfiyya Gurbanova - Trend:
The Central Bank of Azerbaijan is developing the strategy of the national payment system, the CBA General Director, Rashad Orujov told Trend.
"We have prepared a draft of this strategy and presented it to harmonize the relevant structures," Orujov said.
The document reflects the prospects for the development of non-cash payments in the country, he said.
"Enough wide infrastructure was created in this area In Azerbaijan. The strategy also includes future measures for additional stimulation of the industry, " the general director said.
As a source in the banking market of the country told Trend, it is not inconceivable that all social cards through which the payment of pensions, scholarships, grants and other benefits are carried out will be transferred to this system in the future. This measure, apart from all will allow to reduce the costs of issuing and servicing of these cards, which currently are being issued on the platforms of Visa and MasterCard, according to the source.
As of May 1, 2014, some 5.91 million payment cards were issued in Azerbaijan, the number of which has increased by 4.23 percent since the beginning of the year. Herewith, 2.57 million of them are social cards.
Edited by CN