BAKU, Azerbaijan, September 6. Every fourth transaction made today in POS terminals in Azerbaijan is "tokenized" (i.e., a transaction via cell phones or other smart devices), said Director of the Payment Systems and Settlements Department of the Central Bank of Azerbaijan (CBA) Kamala Gurbanova at the Azerbaijani-Turkish Fintex Forum, Trend reports.
According to her, this is an indicator that the Azerbaijani population is open to innovation.
"As of the first of August, the volume of non-cash payments on these cards in the country has doubled and reached 24 billion manat ($14 billion). The share of cashless circulation in card payments within the country increased by 12 percentage points and amounted to 53 percent year-on-year," she stressed."
According to her, the number of payment cards in Azerbaijan exceeded 15 million as of the first of August this year, an increase of 20 percent compared to the same period last year.
In Azerbaijan, as of August 1, 2023, the turnover of payment cards through ATMs and POS terminals increased by 3.3 billion manat ($1.9 billion), or 64.51 percent, from 5.1 billion manat ($3 billion) to 8.5 billion manat ($5 billion) over the year.
In general, the total number of transactions on payment cards amounted to 111.95 million (an increase of 113.74 percent over the year), including 5.7 million transactions worth 316 million manat ($185.9 million) carried out abroad.