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Azerbaijan's Central Bank expanding its instant payment system (UPDATE)

Finance Materials 27 January 2021 19:30

Details added (first version posted on 11:17)

BAKU, Azerbaijan, Jan. 27

Trend:

Azerbaijan's Central Bank has expanded its instant payment system by adding a 'pay by QR code' function, Trend reports on Jan. 27 with reference to the Central Bank of Azerbaijan.

The system of instant payments in real time created by the CBA was put into operation in October 2020 within the state program for the expansion of digital payments in Azerbaijan for 2018-2020.

Moreover, the ability to pay for goods by using a QR code in a convenient and secure form was created in Neptun supermarkets in Baku and Absheron district.

The advantages of this payment method are that payment is made directly through bank accounts while the cost of purchased goods is carried out through mobile devices without using a payment card. QR code is considered an effective payment solution for making daily payment in a secure manner without physical contact especially during the COVID-19 pandemic.

Some 18 banks, the State Treasury Agency of the Azerbaijani Ministry of Finance and Azerpost LLC have been integrated into this platform, and the work is underway to expand the coverage of the system, increase the range of digital solutions which are delivered to users and increase non-cash payments by using QR code.

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