Central Bank of Azerbaijan: Share of instant payment system grown to 54%

In Azerbaijan, the share of the instant payment system (IPS) increased from 2.4% to 54% in one year, Vusal Khalilov, a member of the board of the Central Bank of Azerbaijan (CBA), said at the 10th International Finance and Banking Summit, Report informs.

He noted that serious work is being done to develop the IPS, and its scope is constantly expanding.

Khalilov noted that the CBA's regulatory and supervisory policies, technological development and improvement measures, and the introduction of new products played a significant role in this achievement.

"Furthermore, one of the key factors in this success was the intensive and high-quality work of sector participants in a short period of time. We expect the IPS to continue to expand," he said.