Azerbaijan to launch instant payment, QR code payment systems

Several new technologies, including an instant payment system, blockchain and payments using a QR code will be launched at once in Azerbaijan in 2020, Director of information technology department of Azerbaijan’s Central Bank (CBA) Farid Osmanov said at the VISA Cashless Forum on Driving the Future.

Within the framework of the program for the development of non-cash payments, in absolute terms, the volume of non-cash payments should increasing by at least $17 billion per year, Osmanov said.

Osmanov also noted that the department is working on introducing blockchain technology in the country in the next few months.

In addition, the CBA is working hard on introducing of the payments through the QR code (Quick Response) and M-Pos (mobile point-of-sale) and NFC (Near Field Communication) technologies in Azerbaijan during 2020.
Some partner banks can already use these technologies to sell various banking products, Osmanov added.

Baku hosts the first VISA Cashless Forum on the Driving the future theme in Azerbaijan, organized with the support of the Central Bank of Azerbaijan (CBA), the CAERC, the Azexport portal and a number of news agencies, including Trend. The forum is attended by representatives of the payment system VİSA, CBA, CAERC, experts in the financial sector.