16:20 - 23.08.2023

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August 23, Fineko/abc.az. The Law “On Payment Services and Payment Systems” will expand access to payment services in general. In particular, this will help expand the scope of non-cash payments based on innovative technologies, as well as digital payment instruments, ABC.AZ reports, citing MP Vugar Bayramov.

He noted that this, in fact, means both the introduction of a number of innovations in Azerbaijan and their inclusion in the legislation.

“One of the very important points in the law concerns electronic money and electronic wallets. For a long time, electronic money and electronic wallets have been used in international practice. After the expansion of the scope of virtual money, the demand for electronic wallets is growing. In this regard, there was a need for legislative regulation of electronic wallets and, in particular, the implementation of security measures. In this regard, the law will allow Azerbaijani citizens to have an electronic wallet or electronic money protected by law. In practice, a citizen will be able to use his funds in an electronic wallet without opening a bank account. In this regard, the adoption of the law will allow using the electronic money system in Azerbaijan as well," Bayramov added.