Presidential decree on obligatory equipment of trade places for non-cash payments in 2006 may be adopted in Azerbaijan

Business Materials 27 October 2005 15:44 (UTC +04:00)

A Presidential decree on obligatory equipping of trade outlets by the devices for non-cash payments may be adopted in Azerbaijan in 2006. The Visa International payment company with the direct involvement of the International Bank of Azerbaijan (IBA) and the National Bank of Azerbaijan (NBA) and other ministries and departments recommended the government to take decisions on obligatory installation of POS terminals in each shop, the head of the AzeriCard processing company Elmar
Sadyhov told Trend.

In case all operations are performed by card payments, the money will remain within the banking system and will be controlled by the state, which will lead to complete payment of all taxes and charges” вЂ" he noted.

According to Svetlana Georbelidze, the regional manager of Visa International on CIS, at the moment the correlation between the cash and non-cash payments comprise 70%:30%. "It could be regarded as ideal but in the reverse order, i.e., 70% - non-cash and 30% -cash payments”, she noted.