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Central Bank plans to introduce instant payment system in Azerbaijan

6 March 2019 17:25 (UTC+04:00)
Central Bank plans to introduce instant payment system in Azerbaijan

By Trend

The Central Bank of Azerbaijan (CBA) plans to introduce a system of instant payments in the country, director of the payment systems and settlements department of the CBA Kamala Gurbanova said, Trend reports March 6.

She was speaking at a high-level forum “Economy Diversification – Role of Private Sector” in Baku.

Gurbanova noted that the first stage of the instant payment system will be implemented by the end of this year.

“Thanks to this system, individuals will be able to make payment without any cards by using a mobile number registered in the CBA,” she said.

She noted that this system will help to make payment within a few seconds and save time.

The forum “Economy Diversification – Role of Private Sector” is attended by representatives of the WB, the CBA, Azerbaijan’s Economy Ministry, the Ministry of Taxes and other government representatives.

Forum participants discuss the fight against informal employment and the shadow economy, ongoing sustainable reforms in the country, expansion of digital payments, the development of small and medium-sized businesses and other issues.

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