Azerbaijan’s postal operator raises issue of payment cards

ICT Materials 21 May 2018 16:33 (UTC +04:00)

Baku, Azerbaijan, May 21

By Huseyn Veliyev – Trend:

The number of active payment cards of Azerbaijan postal operator Azerpoct OJSC has increased by 17.3 percent since the beginning of the year and exceeded 86,600, a source in the country's postal market told Trend.

Since the beginning of the year, the number of cards increased by 12,800. Approximately three-fold increase in the issue of payment cards was observed at the end of 2017, according source. During this period, the postal operator issued more than 48,600 cards.

The significant increase in the number of payment cards, as the source said earlier, was facilitated by the amendments to the law "on electronic commerce" in 2016. As a result, non-bank credit organizations (non-bank financial institutions) and pawnshops have committed themselves to working directly with banks.

Taking into account that Azerpoct is not engaged in issuing loans, it can not compete with non-bank financial institution and pawnshops, which was the reason for choosing Azerpoct as a partner and contributed to the growth of the issue of OJSC cards.

The postal operator started providing financial services in 2012 in accordance with the license of the Central Bank of Azerbaijan.

Today, more than 1,200 post offices of OJSC have the opportunity to provide all types of banking services (except for loans and deposits) on the basis of the license of the Central Bank.


Follow the author on Twitter: @h_veliyev