BAKU, Azerbaijan, December 3. Azerbaijan has seen an increase in the volume of transactions processed through its national payment system (AZIPS, XÖHKS, and AÖS), Zakir Nuriyev, President of the Azerbaijan Banks Association, said at the 8th International Banking Forum in Azerbaijan's Baku, Trend reports.
"One of the key factors for ensuring sustainable and secure banking is the development of a competitive digital payment ecosystem. Over the past three years, the volume of transactions processed through the national payment system - AZIPS, XÖHKS, and AÖS - has increased 3.6 times, reaching 606 billion manat [$356.4 billion] in the first ten months of this year. Cashless payments account for 63.8 percent of all transactions conducted with payment cards within the country.
The development of the regulatory framework in the payments sector has enabled the licensing of 14 electronic payment organizations, 8 payment organizations, and one payment system operator. The modernization of the Instant Payments System infrastructure, the formation of an open banking platform, and the implementation of a sandbox regime for innovative solutions remain a priority," Nuriyev said.
The 8th International Banking Forum is underway in Baku, Azerbaijan, for two days. Its main topics are digital transformation (digital and neobanks), data management and analytics strategies, the transition to contactless technologies, instant, seamless, and compatible international payments, the revolution of decentralized finance (DeFi), cloud systems, and alternatives to outflows.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel