BAKU, Azerbaijan, October 27. Following the start of money transfers from Azerbaijan to Turkey via the Turkish 'Turan Teknoloji Anonim Sirketi' (Turan) payment system, a minimum of 25,000 transactions are expected to be handled, Managing Director at United Payment Azerbaijan company Edgar Abdullayev told Trend.
He stated that the company is now awaiting a license in compliance with Azerbaijan's "On payment services and payment systems" law.
"After receiving the license to operate in Azerbaijan, we plan to launch money transfers from Azerbaijan to Türkiye as soon as possible," the company's managing director said.
Monthly remittances to Azerbaijan using the Turan payment system total about 9.5 million liras ($340,000). Turan intends to raise this sum to 10 million liras ($360,000) in October and 37.5 million liras ($1.3 million) every month by 2024.
The Turan payment system has approximately 120,000 active users and processes over 700,000 transactions per month.