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Cashless payments greatly contributing to dev't of Azerbaijan's economy - ministry

29 August 2021 10:40 (UTC+04:00)
Cashless payments greatly contributing to dev't of Azerbaijan's economy - ministry

By Trend

Cashless payments play a significant role in accelerating the turnover of working capital and the development of the economy of Azerbaijan as a whole, the Ministry of Economy of Azerbaijan told Trend.

According to the ministry, POS terminals, as a non-cash payment tool, are useful for both payment cardholders and entrepreneurs.

"The use of POS terminals in business is more expedient from the point of view of the accuracy of payment amounts and the convenience of making settlements, as well as an increase in the number of customers. Moreover, non-cash payments reduce the workload of cash transactions, while increasing the security of settlements and contributing to the correct planning of the personal budget," the ministry’s message added.

The message reads that one of the main conditions for increasing cashless turnover is the expansion of the use of POS terminals.

"We regularly inform the population and entrepreneurs about the advantages of these devices and call for the use of POS terminals. In addition, the State Tax Service has prepared a video about the convenience and benefits of using POS terminals for taxpayers," the Economy Ministry said.

As the message noted, in order to stimulate non-cash payments, a number of changes were made to the country's legislation.

"These measures had a positive effect on the growth of non-cash turnover, which, in turn, increased the transparency of the economy, intensified the fight against the "illicit" economy, and increased tax revenues," the ministry emphasized.


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