BAKU, Azerbaijan, June 9. A reduction in the interchange rate is taking effect in Azerbaijan from this month, Deputy Chairman of the Central Bank of Azerbaijan Vusal Khalilov said at the International Finance and Banking Summit taking place in Baku, Trend's correspondent reports.
"In terms of costs, we can highlight expenses related to digitalization, as well as costs in the payment sector, particularly cashless payments. While these costs are borne primarily by banks, payment organizations, and businesses, virtually every citizen faces the threat of fraud. In response to these challenges, the Central Bank, together with market participants, is taking significant steps. I would like to highlight some of them. First of all, we are conducting intensive negotiations with international card organizations on the optimization of these costs," he said.
According to him, the goal is to implement a more optimized pricing policy for both acquirers and issuers, in the interests of businesses.
"In this regard, in accordance with the decision of the Central Bank Board of Directors on March 18, the upper limit of the interchange rate was reduced by 0.25 percentage points. This decision comes into effect in June, and we believe it will have a positive impact," noted Khalilov.
