Volume of cashless payments in Azerbaijan surged by 40% in January

In January 2025, the amount of non-cash payments in Azerbaijan rose by 40% year-on-year and reached 6.902 billion manats (almost $4.06 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

Of that, 84.7 percent or 5.845 billion manats ($3.438 billion) were attributed to e-trade, 1.052 billion manats (just over $618.8 million) were processed through POS terminals, and self-service terminals accounted for 3.1 million manats (over $1.823 million).

As of February 1, 2025, the number of payment cards in Azerbaijan amounted to 19.965 million, up 0.3% compared to a month earlier, 15.8% year-on-year.

The number of debit cards in Azerbaijan increased by 18.1% to 17.721 million over the past year, and the number of credit cards grew by 0.3% to 2.244 million.

During the month, transactions on debit cards stood at 9.517 billion manats ($5.598 billion), a 24.7% year-on-year increase. Additionally, transactions on credit cards totaling 840 million manats ($494.1 million) saw a 35.5% increase from the previous year.

In January, the number of ATMs and POS terminals in the country increased by 6.8% and 37.3%, respectively, and reached 3,328 (1,785 in Baku) and 121,873 (72,866 in Baku).

Currently, there are three main types of international payment systems: card payment systems, electronic payment systems, and universal payment systems.

The five most popular international card payment systems in the world are Visa International, MasterCard International, American Express, Diners Club International, and JCB Card. These financial giants also collaborate with Azerbaijani banks.