Baku, Azerbaijan, Aug. 14
By Huseyn Veliyev - Trend:
The introduction by the Central Bank of Azerbaijan of the Instant Payment System has been scheduled for 2020, a source in the IT market of the country told Trend.
Its application will add Azerbaijan to the list of the leading countries in the world where such payment systems are already used on a national scale, the source told Trend.
"All transfers, whether they are the transfers between legal entities, individuals or citizens within the country, will be carried out in a matter of seconds, regardless of the amount of funds. The transactions will be made directly, bypassing the existing clearing and other intermediate systems. Currently, the instant payment system is widely used in China, where citizens carry out all purchases in markets and other operations for the transfer of funds over the Instant Payment System," the source said.
The work on the establishment of Instant Payment System by the Central Bank of Azerbaijan started at the beginning of the year. International experience was studied and primary research was conducted, as well as requirements for the integration of Instant Payment System into the existing payment ecosystem were defined.
"The project is quite big and its implementation will take about two years. The users will be offered mobile software installation for easy use of the system. It is not unlikely that in the future, it will be possible to pay for travel in transport through the Instant Payment System," the source said.
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