Azerbaijan sees almost fivefold growth in volume of non-cash transactions

Business Materials 30 March 2018 17:12 (UTC +04:00)

Baku, Azerbaijan, March 30

By Anvar Mammadov– Trend:

Over the past five years, the volume of non-cash transactions in Azerbaijan has increased, said Alim Guliyev, First Deputy Chairman of the Board of the Central Bank of Azerbaijan (CBA).

Guliyev made the remarks at a ceremony to award banks on the results of the contest on development of non-cash settlements, electronic banking and the expansion of electronic commerce, the CBA said in a message on March 30.

Guliyev said purposeful activities have been carried out to increase non-cash payments in recent years.

"As a result, the volume of non-cash transactions with payment cards increased by 4.8 times, non-cash transactions through POS terminals - 4.6 times and e-commerce transactions - by 4 times," Guliyev said.

According to the CBA, turnover on payment cards via ATMs and POS-terminals totaled 1.1 billion manats in Azerbaijan in January 2018. The total number of transactions with payment cards during this period was 8.1 million.

In January, the number of payment cards increased by 8.9 percent compared to the same period last year up to 5.82 million. In January 2018, the number of POS terminals in the country was 65,181, of which 36,801 were installed in Baku and 28,380 - other cities and regions of the country.

(1.7 manats = $1 on March 30)