16:44 - 19.11.2025

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November 19, Fineko/abc.az. Amid the new requirements to be established in the legislation regarding Card-to-Card payment transactions, the trend of development of digital payments made by payment cards should continue.

ABC.AZ reports that Zakir Nuriyev, the chairman of the Association of Banks of Azerbaijan, made the above-said statement at the IX International Banking Forum in Baku as part of the cooperation of his organization with the International Card Organization Mastercard.

He noted that in order for the development trend to be sustainable, cashless transactions in the economy or settlements carried out within a limited framework should be involved in non-cash turnover.

"In this regard, we highly appreciate the possibility of conducting digital payments using payment cards and tokenization services in public transport in recent days. We believe that in the continuation of the reform, by making appropriate amendments to the Law on Payment Services & Payment Systems, the operating turnover carried out in a closed network should be limited. The operational turnover carried out in this type of network should be limited to a certain amount, and transactions should be involved in non-cash payment turnover using a licensing requirement. In order to ensure development of the digital payments ecosystem at the regional level, it is necessary to evaluate the possibilities of interaction of the sandbox regime with neighboring countries, including Turkey and Georgia. We believe that this approach will help deepen integration ties between the countries of the region. The experience of Singapore and Malaysia can be analyzed as a successful example in this area," the chair noted.