Share of digital & non-cash payments in card transactions in Azerbaijan to increase

The weight of non-cash payments in card transactions in Azerbaijan is aimed at being increased from the current 55% to 70%, according to the Development Strategy of the Financial Sector in 2024-2026 approved by the Central Bank of Azerbaijan (CBA), Azernews reports.

According to the document, the weight of instant payments in the operations of the National Payment System will increase from the current 0.39% to 25%, as well as the weight of non-cash payments in retail trade turnover - from the current 21.1% to 40%, and digital banking in transfers - from the current 80% to 90%.

According to the same document an increase is planned in the share of digital transactions in the capital market of Azerbaijan from the current 0% to 70%.

The plan is to increase the number of individual deposit accounts in the capital market from the current 1,000 to potentially 50,000, as well as the financing of real sector enterprises through the debt capital market from the current 500 mln AZN ($294.1 mln) to potentially 1.5 bn AZN ($882.4 mln).

In addition, the average time spent investing in the capital markets will be reduced from the current 1 day to potentially less than 15 minutes.