CBA: Volume of non-cash payments through cards in Azerbaijan has doubled

As of August 1 of this year, the number of payment cards in circulation in Azerbaijan increased by 20% compared to the same period of 2022 and exceeded 15 million, Kamala Gurbanova, director of the Payment Systems and Settlements Department of the Central Bank of Azerbaijan (CBA), said at the Azerbaijan-Türkiye Fintech Forum held in Baku, Report informs.

She said that during this period, the volume of non-cash payments made with these cards in the country has doubled and reached 24 billion manats ($14.1 billion): "The share of non-cash circulation in card payments within the country increased by 12.3 percentage points to 53% compared to the same period last year.

Another interesting indicator is that one out of every 4 transactions performed at POS terminals today is a token transaction, meaning through mobile phones or other smart devices. This shows that the population of Azerbaijan is open to innovations.”