Program for development of cashless payments to be prepared in Azerbaijan
Baku, Azerbaijan, Sept. 11
By Azad Hasanli – Trend:
The Central Bank of Azerbaijan (CBA) will prepare a three-year program of activities for the development of cashless payments and electronic payments by the end of 2017.
This was stated in a report on evaluation of the results of implementing measures included in the Strategic Road Map for the development of communication and information technologies in Azerbaijan, in 1H2017.
The report says that a relevant working group has already been established, which includes various ministry officials. The international payments company Mastercard has also been attracted to this process.
“Currently, Mastercard together with the Central Bank conducts a joint analysis and diagnosis of the market of cashless payments in the country,” said the report.
The CBA and Mastercard surveyed 560 organizations and 700 customers in Baku and nine districts of the country to determine the factors giving an impetus to cash payments.
“The main reasons of using cash were classified into three groups, and compared with the results of surveys and interviews. In addition, the volume of cash and shadow economies was determined together with leading experts,” the report said.