BAKU, Azerbaijan, June 9. The share of instant payments in Azerbaijan has reached 54%, Deputy Chairman of the Central Bank of Azerbaijan (CBA) Vusal Khalilov said at the International Finance and Banking Summit taking place in Baku, Trend's correspondent reports.
Khalilov noted that this growth was made possible by the CBA's work in the areas of policy and oversight, technological development, and product management, as well as the efforts of market participants.
"Further expansion of coverage and growth of the system's performance are expected.
Citizens can already make payments to businesses using QR codes.
QR payments are fully processed domestically and are currently the cheapest payment method on the market," he said.
Khalilov added that this creates opportunities for businesses to reduce costs and increase competitiveness, and could also positively impact cost issues in the market.
He pointed out that work is currently underway to expand the AsQR infrastructure and develop additional capabilities within this solution.
According to him, these measures are aimed at addressing cost issues.
Khalilov also shared that as digitalization and cashless payments grow worldwide, the number of cyber threats and fraud cases is increasing.
"The Central Bank is implementing a range of measures, including improving policy and supervision, as well as introducing minimum requirements and rules to prevent fraud.
A separate area of work is related to the activities of FinCERT and the Anti-Fraud Center.
The CBA's FinCERT has successfully completed international accreditation and been accepted as a full member by FIRST.
He noted that information is being exchanged with a number of organizations, and further development of the digital and regulatory framework is planned.
New anti-fraud rules are expected to be implemented by the end of the year.
Khalilov added that these measures will enable organizations to apply an internal risk-based approach and develop their own rules in accordance with the risk level.
He emphasized that fraud challenges remain and have not been completely eliminated, but that joint efforts by the CBA, the sector, and partners make it possible to effectively counter them.
