BAKU, Azerbaijan, March 8. Over the past five years, the volume of non-cash transactions using payment cards within the country has increased more than tenfold, reaching the mark of 49 billion manat ($28.7 billion) in 2023, the report of Azerbaijan's Cabinet of Ministers says, Trend reports.
The volume of non-cash payments amounted to 4.8 billion manat ($2.8 billion) in 2019, and this figure increased to 6.4 billion manat ($3.7 billion) in 2020.
Meanwhile, the volume of non-cash payments reached 11.5 billion manat ($6.7 billion) in 2021 and 24.4 billion manat ($14.3 billion) in 2022.
Dynamics of the number of domestic non-cash payments by payment cards in Azerbaijan from 2019 to 2023:
|
Year |
Number of non-cash payments (billion manat) |
|
2019 |
4,8 |
|
2020 |
6,4 |
|
2021 |
11,5 |
|
2022 |
24,4 |
|
2023 |
49 |
To note, the number of payment cards in circulation in Azerbaijan by the end of 2023 amounted to 16.9 million units, which is 24 percent higher than in 2022. Of the total number of payment cards, 76.5 percent support contactless payment. The number of contactless cards grew by 31.7 percent.
At the end of 2023, 86.9 percent of cards in circulation were debit cards (14.7 million units), while 13.1 percent (2.2 million units) were credit cards.
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