Central Bank of Azerbaijan: Monthly turnover of Instant Payment System more than tripled

The monthly turnover of the Instant Payment System has more than tripled compared to the same period last year, exceeding 1 billion manats, Afgan Abbasov, director of the Payment Systems and Products Development Department at the Central Bank of Azerbaijan (CBA), told journalists, Report informs.

According to him, the Central Bank is implementing a number of measures to develop the payments market: "The development of the Instant Payment System is a key priority in this area. To expand it, a number of projects are being implemented jointly with sector participants - banks and fintech companies. These projects cover areas such as client-to-client transfers, payments via instant QR (AzQR), government payments through the system, and settlements through the system. As part of the system's development, work continues to expand the capabilities of QR payments, as well as to ensure direct and indirect connection of fintech companies to the system. At the same time, there are plans to expand the system's use in e-commerce payments. Another important area is ensuring the system's integration with similar systems in other countries."

($1=1.7 manats)