BAKU, Azerbaijan, August 10. Azerbaijan is forming a competitive and fair environment among the payment systems, Deputy Director of the Payment Systems Department at the Bank of Baku, the Head of the Expert Group on Payment Systems and Digital Banking at the Azerbaijan Banks Association (ABA) Tamerlan Rustamov told Trend.
He was commenting on the recent law passed in the country. The law "On payment services and payment systems" was passed by the Azerbaijani Parliament on July 14 and signed by the President of the Republic of Azerbaijan Ilham Aliyev on August 9.
According to Rustamov, adoption of the law will ensure operation of reliable payment service providers, focused on addressing new challenges.
"The law will not only improve performance of existing participants, but also enable these entities to form new profit generation directions, opening up possibilities to create a new customer segment, and extending opportunities to apply the experience of advanced financial markets," he said.
"The heightened competition will ultimately have a positive impact on the digital transformation of the payment sector," he added.
