Volume of non-cash transactions in Azerbaijan doubles

Finance Materials 6 November 2019 12:56 (UTC +04:00)

BAKU, Azerbaijan, Nov. 6

By Eldar Janashvili - Trend:

The share of non-cash turnover in domestic transactions through debit and credit cards in Azerbaijan, compared to 2016, increased 1.7 times (from 26 to 44 percent), and in terms of the volume of transactions doubled (from 9.2 percent to 19.9 percent), Vusal Gasimli, executive director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication, said at the IV International Banking Forum in Baku, Trend reports Nov. 6 from the event.

Gasimli said that about 7,200 payment cards, 2.5 ATMs and 65 POS terminals account for every 10,000 people in Azerbaijan. Pensions, scholarships, social benefits, salaries in budget organizations and companies operating in the private sector are issued via cards, the director noted.

“The existing statistics also give reason to talk about positive results in this direction, about the transition of the population to cashless payments,” Gasimli said.

The two-day IV International Banking Forum, one of the most prestigious financial and banking events in the region, is taking place in Baku with the support of Azerbaijan’s Central Bank, the Financial Market Supervisory Authority (FIMSA) and the Center for Analysis of Economic Reforms and Communications.

The forum brings together heads of regulatory and control bodies in the financial and banking sector, leading managers of commercial banks and other participants of the financial sector.