BAKU, Azerbaijan, February 29. The Central Bank of Azerbaijan (CBA) has set a target for 2024 to increase the share of non-cash payments in card transactions to 60 percent from the level of 55.6 percent in 2023, Trend reports.
According to the CBA's Payment Systems Review, the share of cashless payments in card transactions increased by 12.4 percentage points to 55.6 percent in 2023.
"Goals for the development of digital payments for 2024 include the following: increasing the average annual number of non-cash transactions per person to 130 units (compared to 93 payments in 2023); achieving an increase in the share of instant payments in the national payment system to 5 percent," the review of the CBA noted.
In addition, it is planned to increase the share of non-cash payments in retail turnover to 25 percent in 2024. The share of digital banking in customer transfers from current accounts is also expected to reach 83 percent compared to 79.6 percent in 2023.
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