‘Volume of non-cash payments in Azerbaijan should be increasing annually’

The volume of non-cash payments in Azerbaijan should be increasing annually by at least seven percent, Executive Director of the country’s Center for Analysis of Economic Reforms and Communication (CAERC) Vusal Gasimli said at the VISA Cashless Forum on Driving the Future theme.

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

The executive director noted that the share of non-cash payments in Azerbaijan is 40 percent, which is one of the key elements of close cooperation within the banking system, and the latest decisions made by the head of state in the direction of digital support, encourage interaction within this sector.
“I believe that in the future there will be a significant impetus to further improve the financial model. Currently, we have many different tools to ensure the stability of the growth of financial payments and develop e-commerce” Gasimli 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.