Turkmenistan improving non-cash payment system

Finance Materials 17 August 2020 13:47 (UTC +04:00)
Turkmenistan improving non-cash payment system

BAKU, Azerbaijan, August 17

By Jeila Aliyeva - Trend:

Turkmenistan has been working to improve its non-cash payment system since the beginning of the year, Trend reports with reference to Business Turkmenistan information portal.

In particular, the Overdraft protection program was launched, which allows paying for purchases via the card even if it ran out of funds. In addition, a Cashback system was introduced, which returns a certain percentage of the purchase price to the account every month.

The number of new active bank cards in Turkmenistan increased by 8 percent in 1H2020, compared to the same period of last year.

More than 3.9 million active bank cards were registered in the country in January 2020, and their number increased to 4.3 million as of July 1, 2020.

The introduction of digital technologies into the banking sector of the country will expand the range of banking services and the capabilities of the national payment system provided to customers, as well as increase the competitiveness of credit institutions, said the report.

In general, the country's financial sector is constantly expanding. In particular, mobile applications are being introduced to pay for various services and goods, the number of non-cash payments is increasing, and payment for goods and services is being implemented through banking terminals.

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