‘Azerikard’ Announces Saturation of Azerbaijani Card Market
Azerbaijan, Baku / Trend corr. I.Khalilova / The total number of issued cards in the first quarter of 2007 came to 2mln. The volume of the card market will reach 25mln by the end of 2007. Taking into consideration such volumes of cards, Azericard can be considered as a payoff system.
For the most part, issued cards are for social and salary cards, issued by the International Bank of Azerbaijan (IBA), while Capitalbank. IBA takes first place due to its emitted cards and volume of operations, which includes the issuance of about 1mln cards by 1 July and Capitalbank takes the second place at around 650,000 cards issued. The runners-up are Tekhnikabank, Azerigazbank, Bank Standard, Bank Respublika, and Bank of Baku. Bank of Baku increased the number of operations with cards introducing the new product 'quick crediting'.
The increase of the number of international cards being issued in turnover caused a decrease in the number of local cards issued. About 1.4mln of pension cards have been issued, which are also issued on the basis of Visa cards. Some 850,000 out of them were issued by the International Bank, and 550,000 by Capitalbank.
Presently, about twenty-eight operating banks issue cards in Azerbaijan which have been served through Azericard. The number of cards decreased after the migration of banks, including Azeridamirbank, Unibank, and Zaminbank.