BAKU, Azerbaijan, Nov. 26
By Zeyni Jafarov - Trend:
Digital payments both in Azerbaijan and around the world allow users to have banking services regardless of their location and time, an expert of the National Payment Systems Development Division of the Payment Systems and Settlements Department of the Central Bank of Azerbaijan (CBA), Rashad Gasimov, told Trend.
“The introduction of digitalization allows avoiding the loss of time in banks and many inconveniences for citizens. One of the main elements of digital payments is that funds are safe with this type of service. Also, digitalization of payments makes it possible to carry out monetary transactions abroad in the currencies of these countries and, unlike cash, if a non-cash product is lost, the funds in the account can be easily restored,” said the expert.
Touching upon the daily expenses of citizens in shopping facilities, Gasimov noted that the use of contactless payments has its advantages.
So, all the operations carried out are entered into the electronic database and it becomes possible to monitor the current account, he added.
“In the case of non-cash transactions from the side of banks, customers are provided with cashback and thereby a certain part of the costs is returned to the customer's card. In business entities, a VAT refund in the amount of 15 percent of expenses is attached to transactions carried out using bank cards,” Gasimov noted.
Gasimov noted that CBA’s main goal for the near future is the development of a society that uses non-cash money, and every citizen can become an active participant in this process.
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