Non-cash transactions in Azerbaijan are set to
grow much faster than they have until now, local media have
reported.
The head of payment systems and account
department at the Central Bank of Azerbaijan, Kamala Gurbanova,
said that the share of electronic payments in the country would
increase “by several times” by 2016, local website Trend reported
on 12 February.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The Central Bank of Azerbaijan has taken an
aggressive approach to improve the country’s payments system.
In October, held a workshop in association
with MasterCard Worldwide on the topic of card fraud in the
country.
The CBA said that the Fraud in Payment Cards
Market workshop aimed to develop a stable infrastructure within the
industry and risk management in electronic commerce was the key
topic.
And in September, Azerbaijan’s processing
centre MilliKart begun clearing payments in foreign currencies.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataMilliKart said in an official announcement
that the clearing of foreign currency by the central bank would
eliminate risks that arise in interbank settlements.
