15:00 - 13.06.2023
June 13, Fineko/abc.az. Digital payments are expected to grow by 25% in the national payment system by 2026, and the share of non-cash transactions in total turnover will reach 55%.
ABC.AZ reports that Vusal Gasimli, the executive director of the Center for Analysis of Economic Reforms & Communications, said about this during the Financial Technology Summit in Baku.
He added that introduction of global trends (artificial intelligence, machine learning, open banking, etc.) continues to develop financial technologies in Azerbaijan.
"I would also like to note that the International Monetary Fund forecasts economic growth in the South Caucasus by 5-7% in the medium-term prospect. Improving financial technologies and management in this area is one of the important steps. According to forecasts, by the end of 2023, the value of digital payment transactions at the global level will be about $6.7 trillion. In 2023, the share of non-cash payments in the total turnover of Azerbaijan will reach 51%," Gasimli emphasized.
