11:08 - 24.06.2025

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June 24, Fineko/abc.az. Work is ongoing over development of an instant payment system that allows processing payments 24/7 directly through bank accounts.

ABC.AZ informs that Central Bank’s board member Vusal Khalilov made the above-said statement, when delivering speech at FINTEX SUMMIT 2025, an exhibition of finance & technology in Baku.

He noted that due to expansion of coverage, technical stability and functionality of the system, users are provided with faster and more convenient payment methods.

"If we compare the first 4 months of 2024 with the same term of 2025, the number of transactions made through the instant payment system increased more than by 40%. We are closely monitoring the growth dynamics of this indicator and predict further positive trajectory of the indicator in the coming months," Khalilov added.

He noted that during 2024, total turnover through payment cards issued by banks operating in our country exceeded 126 billion manats (27% more than in 2023): "In addition, according to data for April 2025, the monthly volume of non-cash payments via payment cards approached 10 billion manats. At the same time, in the first 4 months of 2025, the volume of non-cash payments made by domestic payment cards exceeded 67%, and their number exceeded 91%. This means that nine out of every 10 transactions with payment cards within the country are carried out with the use of a non-cash method."

By  Elmir Murad