Baku, Azerbaijan, April 10
By Sara Israfilbayova - Trend:
From 2013-2017, Azerbaijan’s banks spent about $230 million on their IT infrastructure, half of which accounted for software, Trend reports with reference to the “Market Analysis Azerbaijan 2019” publication.
“Banks, companies and state authorities are likely to invest significantly more than ever in innovative payment solutions in the coming years,” reads the report. “Cash payments should fall from the recent 74 percent to 40 percent by 2020, which is the objective of the State Program on Expansion of Digital Payments for 2018-2020. Cashless payments are expected to increase by at least 7 percent annually.”
In the course of restructuring, Azerbaijan’s banks and credit organizations will invest more in their IT infrastructure over the next few years, according to the report.
According to the state program on the expansion of digital payments in 2018-2020, approved by President of Azerbaijan Ilham Aliyev, the annual volume of non-cash payments in Azerbaijan will reach about 17 billion manats by 2021.