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Instant payment system to be launched in Azerbaijan

11 January 2020 14:40 (UTC+04:00)
Instant payment system to be launched in Azerbaijan

By Trend

The Central Bank of Azerbaijan (CBA) will launch a non-stop instant payment system for legal entities and individuals, the CBA Chairman Elman Rustamov said at a meeting between representatives of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan and bank managers, Trend reports.

Noting that last year the number of non-cash transactions in Azerbaijan increased by 41 percent, and their share in the total amount of payments equaled to 20 percent, the CBA chairman noted that the instant payment system in non-stop mode will contribute to the growth of non-cash payments and will be convenient for both entrepreneurs and banks.

Rustamov said that the CBA's priority in 2020 is investing in the development of payment systems, innovation, implementation and expansion of the latest financial technologies, including blockchain, while the bank will continue to develop principles of open banking.

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