BAKU, Azerbaijan, June 22. New rules for the provision of payment services through POS-terminals may be established in Azerbaijan, Trend reports.
This issue has been reflected in the new draft law "On payment services and payment systems", being discussed at meeting of Azerbaijani Parliament's Committee on Economic Policy, Industry and Entrepreneurship.
According to the draft law, the payment service provider, when providing services through POS-terminals, must transfer the funds received from the payer to the settlement account of the recipient of funds no later than the next business day, unless the agreement with the recipient of funds provides for a separate period (the period provided for by the agreement, which cannot exceed five working days).
Apart from cases determined by the Central Bank of Azerbaijan (CBA), the POS-terminal must provide the user of the payment service with information confirming the payment transaction.
The requirements for information confirming payment transactions made through POS-terminals and the procedure for providing information are determined by regulatory acts of the CBA.
As of May 1, 2023, 22.2 million debit card transactions in the amount of 478 million manat ($281.18 million) were carried out through POS-terminals within the country.
At the same time, with credit cards, 4.09 million transactions worth 141 million manat ($82.9 million) were also carried out using POS-terminals within the country.