BAKU, Azerbaijan, June 7. The share of non-cash payments in the total turnover of MasterCard in Azerbaijan exceeded 35 percent, the Azerbaijani representative office of MasterCard told Trend.
According to the office, e-commerce is one of the main sources of the growth of non-cash payments.
"It accounts for about 60 percent of non-cash payments. This growth was facilitated by the pandemic period when business became fully digitized. The share of e-commerce and non-cash payments will now continue to grow,” the office said.
“We also observe that after the launch of Apple Pay in Azerbaijan, cash and non-cash transactions have become tokenized and conducted with the help of Near-field communication (NFC)," MasterCard’s representative said.
The number of bank cards in Azerbaijan exceeded 11.7 million as of March 2022, which is 20.5 percent, or 2.02 million more than in the same period of 2021.
Turnover of payment cards through ATMs and POS terminals increased by 1.4 billion manat ($823.5 million) in Azerbaijan from January through April 2022, or 54.8 percent - from 2.7 billion ($1.5 billion) to 4.2 billion manat ($2.4 billion).
The total number of transactions on payment cards was 45,343 million (growth of 79.3 percent for the year), including 4.2 million transactions in the amount of $164 million manat ($96.4 million) were carried out abroad.
